277 jobs at risk as cash-flow problems hit construction firm
Scottish builder and civil engineer UBC Group has gone into administration citing cash-flow problems connected to the economic downturn.
The family business, which also trades as Wyvis Building Services, Wyvis Roofing, and Mardon Project Services, has a turnover of approximately £31m and employs some 277 staff across six bases in Scotland.
Administrators Zolfo Cooper said the business would continue operating while options for the future - including the sale of all, or part, of the business - were explored.
Joint administrator Elizabeth Makay said the group had fallen victim to the widespread downturn impacting the construction industry.
“The financial position facing the business was such that administration was the last remaining option available to the directors,” she said.
“Working with all stakeholders including employees, customers, suppliers and regional and national governments, our priority now is to stabilise the business and fully assess the financial position such that we can identify the best possible route forward under what are clearly difficult circumstances.”
UBC Group managing director Seumas Pedrana said the move into administration was a sad day in the company’s 40-year history.
“The directors have looked at every possible option to avoid administration but it became inevitable because of the general downturn in the building sector and the inability of some companies to pay us,” he said.
UBC operates from premises in Inverness, Glasgow, Dundee, Bathgate, Stornoway and South Uist.