Weir and McQuiston appoints Azets as administrators
The administration was caused by ‘unsustainable cash flow problems’ stemming from wafer thin margins in the construction sector, the cessation of construction activity and the widely reported problems with labour and materials shortages
Azets has revealed that it has been appointed joint administrators of Wishaw-based mechanical and electrical contracting specialist Weir and McQuiston (Scotland) Limited.
It said the administration was caused by “unsustainable cash flow problems stemming from wafer thin margins in the construction sector, the cessation of construction activity’ and the “widely reported” problems with labour and materials shortages.
Founded in 1976, the family-owned business provided a full portfolio of mechanical and electrical design, installation, maintenance, testing and consultancy services for the commercial, industrial, and residential sectors.
The business recently ceased trading with immediate effect with 93 employees having been made redundant.
The joint administrators will market the assets for sale including work in progress and plant and equipment and are encouraging interested parties to make contact as soon as possible.
Blair Milne, joint administrator and head of restructuring with Azets, said: “The directors did everything possible to keep the business trading, however the scale of cash flow problems and the impact of the lockdown left them with no alternative other than to cease trading and place the company into administration.
“We will now focus on realising as much value from the assets as possible for the creditors and would ask interested parties to contact our Glasgow office as soon as possible.”
