Stewart Milne Homes (Kirkton) Limited (SC214204): administration
- Status
- Administration ended
- Administration began
- 2024-01-08
- Administrators
- Adele Macleod, Gavin George Scott Park
- Administrators' firm
- Teneo
- Formerly
- King (Kirkton) Limited; Millbry 535 Ltd.
- Incorporated
- 2000-12-28
- Location
- Edinburgh
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Rising costs / inflation
- Supply chain disruption
- Sustained trading losses
From the administrators' statement
The SMGL Directors explored options to secure the future of the Group and to restructure its debt in recent years. Rising costs, a challenging supply chain landscape and a notable decline in house buyer demand meant difficult trading conditions throughout 2023.
Faced with upcoming debt maturities, the SMGL Directors engaged in marketing processes to sell the Group (as outlined in more detail below). These processes, the most recent of which ended on 3 January 2024, ultimately failed to produce a deliverable transaction, and the Group was unable to meet its debt commitments and continue as a going concern.
Steps taken to remedy/turnaround
Administrators' statement of proposals (2024-02-21) · Companies House register