Fifty-million-pound turnover firm goes into administration, with the loss of 344 jobs.
Edinburgh contractor Peter Walker has collapsed with the loss of 344 jobs.
The firm, which had a turnover of about £50m, was placed into administration last Thursday with KPMG Corporate Recovery. It also had around 300 contractors on its books.
Joint receivers Blair Nimmo and Gary Fraser of KPMG said the group appeared to have suffered from poor financial controls and information systems, which led to it being involved in a number of unprofitable contracts.
It is understood that a remaining workforce of about 30 staff are still working to help the receivers wind up the firm.
The firm was founded in 1879 and was bought from the Walker family in a management buyout led by Alastair McCarry in 2001.
Companies owed money following the collapse include roofing contractor TKR, PM Power Supplies and structural engineers McDonald and Ross.