Elizabeth Mackay, Fraser Gray and Anne O鈥橩eefe, partners at corporate restructuring specialists Zolfo Cooper, were appointed joint administrators yesterday (8 May) of group companies UBC Holdings Ltd, UBC Group Ltd, UBC Homes Ltd, Wyvis Building Services Limited, Wyvis Roofing Ltd, Mardon Project Services Ltd, UBC Central Ltd and UBC East Ltd.
UBC, formerly Uist Builders (榨汁姬) Ltd, is a leading privately owned building and civil engineering company operating throughout Scotland. It trades as UBC Group, Wyvis Building Services, Wyvis Roofing and Mardon Project Services. Group turnover is 拢31m. At time of failure, there were 277 permanent members of staff operating from premises in Inverness, Glasgow, Dundee, Bathgate, Stornoway and South Uist.
The administrators said that they were appointed 鈥渁fter the group experienced cash flow problems due to extremely challenging trading conditions鈥�.
The joint administrators are continuing to run the business while exploring options for its future, including a sale of all or parts of the business.
Joint administrator Elizabeth Mackay, Zolfo Cooper lead partner for in Scotland, said: 鈥淯nfortunately, the group has suffered from the widespread downturn impacting the construction industry and as a result has experienced a decline in trading performance. The financial position facing the business was such that administration was the last remaining option available to the directors.鈥�
鈥淲orking with all stakeholders including employees, customers, suppliers and regional and national governments, our priority now is to stabilise the business and fully assess the financial position such that we can identify the best possible route forward under what are clearly difficult circumstances.鈥�
UBC Group managing director Seumas Pedrana added: 鈥淭his is a very sad day for everyone connected to this family business and the communities we have served for the last 40 years. The directors have looked at every possible option to avoid administration but it became inevitable because of the general downturn in the building sector and the inability of some companies to pay us.鈥�
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