UBC Group, formerly Uist Builders, have gone into administration.
Elizabeth Mackay, Fraser Gray and Anne O’Keefe, Partners at Corporate Advisory and Restructuring specialists Zolfo Cooper, were appointed Joint Administrators over UBC Holdings Limited, UBC Group Limited, UBC Homes Limited, Wyvis Building Services Limited, Wyvis Roofing Limited, Mardon Project Services Limited, UBC Central Limited and UBC East Limited (together the Group) on 8 May 2012.
The Group is a leading privately owned building and civil engineering company operating throughout Scotland and trading as UBC Group, Wyvis Building Services, Wyvis Roofing and Mardon Project Services. Together these businesses turnover approximately £31 million and employ 277 permanent members of staff operating from premises in Inverness, Glasgow, Dundee, Bathgate, Stornoway and South Uist.
The Joint Administrators were appointed after the Group experienced cash flow problems due to extremely challenging trading conditions. Following appointment, the Joint Administrators will continue to trade the Group while exploring all possible options for its future including a sale of all or parts of the business.
Elizabeth Mackay, Joint Administrator and Lead Partner for Zolfo Cooper in Scotland said:
“Unfortunately, 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.”
“Working 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.”
The Managing Director of UBC Group, Seumas Pedrana, added:
“This 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.”