Impact of the recession and winter too much for Liverpool contractor
The recession claimed the scalp of another construction firm as Liverpool concrete contractor Mayfield collapsed with the loss of more than 80 jobs.
Mayfield, which was placed in administration on 8 July, was a subsidiary of Glasgow based McKean Group which was placed into receivership on 7 July.
Last month two other subsidiaries of McKean Group, McKean & Company - one of Scotland’s oldest builders - and Hudson Vision were liquidated with the loss of 42 jobs.
A spokesperson for Ernst & Young, which is handling the administration and receivership, said it was too early to put a figure on the two firm’s debt levels but added: “The debt levels are such that they cannot continue to trade.”
He added: “The directors felt Mayfield could continue to trade despite the collapse of the other two subsidiaries last month. But Mayfield and McKean Group both experienced cash flow problems due to the harsh winter and the impact of the recession and have now ceased trading as well.”
Established in Glasgow in 1918, McKean Group began life as McKean and Renwick specialising in work on the country’s railways and other public sector schemes.
The McKean family sold the business in 2007 in an MBO led by Mayfield directors David Noar and Mark Fallon in a deal worth around £1m.
Mayfield was established in 1965 as a plant hire business before moving into civils work. It was bought by Mckean in 1999 after its founding directors retired.