Scottish Resources Group Limited (SC143746): administration
- Status
- Administration ended
- Administration began
- 2013-05-23
- Administrators
- Blair Carnegie Nimmo, Gerard Anthony Friar
- Administrators' firm
- KPMG
- Formerly
- Scottish Resources Group PLC; Scottish Resources Group Limited; Mining (Scotland) Limited; Upperoffice Limited
- Incorporated
- 1993-04-06
- Location
- Glasgow
- Industry
- 70100 Activities of head offices
Why it went into administration
- Energy costs
- Funding withdrawn / unable to refinance
- Parent or group failure
From the administrators' statement
In 2010, SRG planned an initial public offering (“IPO”) on the London Stock Exchange. In the lead up to this flotation, SCCL had committed to a number of sales contracts over the medium term, which, given the quantum of production required to fulfil these contracts, led to the commencement of operations at a number of new sites. As part of this process, CPL made a significant investment in its plant and machinery fleet. Unfortunately, in July 2010, the IPO was abandoned at the last minute. By this time,
Statement of Proposals KPMG LLP 17 July 2013
SCCL was operating 9 sites with there being approximately 1,000 employees across the SRG group.
Administrators' statement of proposals (2013-07-22) · Companies House register