BLAIR Nimmo and Alistair McAlinden from Interpath Advisory have been appointed joint provisional liquidators to Helensburgh-based construction firm Stewart and Shields.
The company has been operating for over 60 years and provides building services across Scotland including social housing, local authority work, commercial construction and private and residential contracts.
The company is said to have experienced ‘significant’ cash flow challenges as a result of factors including contract delays, the rising cost of raw materials, and skills shortages.
Despite the efforts of the management team, the directors had no option but to seek the appointment of provisional liquidators. The business has now ceased trading and the provisional liquidators have made all 15 employees redundant.
Blair Nimmo, chief executive of Interpath Advisory and joint provisional liquidator, said, “The collapse of Stewart and Shields Limited is another indicator of the challenges and economic headwinds currently facing the Scottish construction sector. The directors fought hard to save this long-standing family-run business, but the construction industry has experienced several challenges over recent years, with rising raw material costs, supply chain disruption and labour challenges putting businesses under increased pressure.”
Alistair McAlinden, head of Interpath Advisory in Scotland and joint provisional liquidator, added, “Our priority is to assist those members of staff who have been made redundant, providing them with the information and support they need to claim their statutory entitlements from the Redundancy Payments Office, as well as to support the owners, for whom this is also a very difficult time.”
