UBC Group’s Head Office in Inverness
A LEADING building firm with offices in Inverness has gone into administration, putting 277 jobs in Scotland at risk.
UBC Group, a family business which has been running for 40 years, has appointed administrators after experiencing cash flow problems “due to extremely challenging trading conditions”.
The group is a leading building and civil engineering company operating throughout Scotland and trading as UBC Group, Wyvis Building Services, Wyvis Roofing and Mardon Project Services.
Together, the businesses turnover approximately £31 million and employ 277 permanent members of staff operating from premises in Inverness, Glasgow, Dundee, Bathgate, Stornoway and South Uist. Its head office is in Henderson Drive, Inverness.
Corporate Advisory and Restructuring specialists Zolfo Cooper will continue to trade the group while exploring all possible options for its future, including a sale of all or parts of the business.
Elizabeth Mackay, Joint Administrator and Lead Partner for Zolfo Cooper in Scotland, said: “Unfortunately, the group has suffered from the widespread downturn impacting the construction industry and as a result has experienced a decline in trading performance. The financial position facing the business was such that administration was the last remaining option available to the Directors.
“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.”
Seumas Pedrana, Managing Director of UBC Group, told of his disappointment at the move.
He said: “This is a very sad day for everyone connected to this family business and the communities we have served for the last 40 years. 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.”