One of Scotland’s leading construction companies, Paisley-based Lambert Contracts Ltd, has been placed in administration.
Lambert Contracts undertook a wide range of building and construction work, specialising in insurance reinstatement and fire contracts, in addition to general property maintenance, installation and repair work.
With offices in Paisley and Aberdeen the company employed 85 staff and engaged a significant number of labour-only sub-contractors. Founded in 1985, Lambert Contracts had a turnover of £14.7m in the year to 30 April 2017.
Derek Forsyth and Blair Milne, Partners with Campbell Dallas, have been appointed joint administrators.
Commenting, Head of Recovery Derek Forsyth said: “Lambert Contracts is a well-known name in Scotland’s construction sector with an excellent reputation for the quality of its client base and projects. Although the company has a large turnover, it had been suffering from cash flow problems and despite best efforts to raise additional funding administration was the only option.
“Unfortunately, 77 staff have been made redundant with immediate effect with the balance of 8 staff being retained in the short term to assist with the wind-down of the business. We will do our utmost to provide as much support as we can to the employees. We will also be looking to sell any assets to generate value for creditors and would urge interested parties to contact us as soon as possible.”
These are challenging times for the construction and property sector. Campbell Dallas would urge any other businesses in the sector facing trading or cash flow difficulties to get in touch direct in early course to obtain informal advice and guidance on options that may be available. In our experience, the earlier advice is taken, the greater are the options available.
For more information contact:
0141 886 6644
0141 886 6644
This information should not be regarded as financial advice. This is based on our understanding in June 2018. Laws and tax rules may change in the future.