100 job cuts as one of Lanarkshire’s oldest family businesses collapses – .

100 job cuts as one of Lanarkshire’s oldest family businesses collapses – .

One of Scotland’s oldest family businesses fell under administration with the loss of almost 100 jobs.

Founded in 1976, the family-owned Wishaw-based Weir & McQuiston (Scotland) Limited provided mechanical and electrical design services, as well as installation, maintenance, testing and consulting services for the commercial sectors. , industrial and residential.

The projects included city center offices, health boards, local authorities, private businesses, community projects, churches, hotels, shopping and sports centers. Now Azets partners Blair Milne and James Fennessey have been appointed as co-directors of the company which has reported a loss of £ 2million for 2020.

Directors said: “The administration has been caused by unsustainable cash flow issues resulting from very slim margins in the construction industry, shutdown of construction activity and widely reported labor shortage issues. of work and materials. “

Directors said the company, which operated as WMQ Building Services, had grown rapidly in recent years and diversified into new markets, including providing advice and services for the growing industry. rapid renewable energy.

Staff peaked at over 200 in 2019, and Weir & McQuiston were firmly established as one of Scotland’s leading M&E contractors, he said.

The company was also known for its premier apprenticeship recruitment and training program.

Directors said the company ceased operations with immediate effect with 93 employees made redundant.

The joint directors have said they will market the assets for sale, including work in progress and plant and equipment, and encourage interested parties to make contact as soon as possible. They said they would also focus on working closely with the Severance Compensation Office and PACE to minimize the impact on staff affected by the closure.

Blair Milne, Co-Director and Head of Restructuring at Azets, said: “Weir & McQuiston was one of Scotland’s leading mechanical and electrical subcontracting companies with quality customer base and an excellent reputation in the industry. construction industry. Directors did everything they could to keep the business running, but the scale of the cash flow problems and the impact of the foreclosure left them with no option but to go out of business and put the business under. administration. We will now focus on realizing as much asset value as possible for creditors and ask interested parties to contact our Glasgow office as soon as possible. Director Gordon McArthur, who announced the loss in August, then believed the steps taken would “position the company, staff and customers in a stronger position for the future.”

He said: “Having successfully negotiated for over 44 years, the financial statements for the fiscal year ended May 31, 2020 are disappointing for all stakeholders in the company. “

He said many factors contributed to the “significant loss” including a “rapid drop in revenue, the Covid pandemic, weak key appointments and (lack of) profitability on key contracts delivered on a period of 18 months ”.

He added in an August commentary: “Management has taken aggressive action to return the company to its historic financial strength. “


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