Crummock, which operated out of Bonnyrigg, brought in receivers yesterday after the firm suffered “cashflow difficulties”. As a result, 287 employees have been made redundant.
The company has contributed to an array of landmark developments, including the Donaldson’s School residential development in Edinburgh and Fort Kinnaird Retail Park.Matt Henderson and Donald McNaught, restructuring partners at Johnston Carmichael, have been appointed as joint receivers for a trio of companies that form Crummock.
Henderson said: “Crummock is a long-established construction business which, like many in the industry, has suffered from reduced margins in recent times.
“In recent months it has also encountered cashflow difficulties due to high retention levels, the tight margins within the sector and business specific issues. Unfortunately, the business was unable to raise the capital to enable it to overcome the current financial challenges it faces and we are now dealing with creditors’ claims.”
Meanwhile, a provisional liquidator has been appointed to T Graham & Son (Builders), a contractor based in Langholm in Dumfries and Galloway, with the loss of almost 30 jobs.
The firm, founded in 1982, employed 30 staff all of whom have been made redundant with the exception of three staff who have been retained to assist the liquidator.