It has been bought by executive chairman Ric Traynor, with the company retaining a minority stake, Begbies yesterday announced. Traynor has committed to inject up to £1 million of capital into the business.
Red Flag employs 24 staff who have transferred to the new operation, Begbies added.
Upbeat Dunne back in black
A CONCRETE specialist that has worked on the athletes’ village for the London Olympics and the Shard office block in the City has swung back into the black following further work on Glasgow’s Southern General hospital.
Bathgate-based Dunne Group opened an office in London following its work on the big contracts and has secured a £35 million deal to work on 100 Bishopsgate, another office block in the City.
Dunne posted a profit of £1.7m for the year to 31 October, compared with a loss of £83,000 in the previous 12 months. Turnover was flat at £29.4m.
Group regional director Kevin Graham told The Scotsman that work was also starting to pick up north of the Border, with more contracts going out to tender. Graham said that he is optimistic about the outlook for 2013 and 2014.