Newsletter - Links - Advertise - Contact Us - Privacy
 

Dunne Group folds with immediate effect citing ‘severe cashflow issues’

Bookmark and Share | Send to friend

July 20 2016

Dunne Group folds with immediate effect citing ‘severe cashflow issues’
Construction giant The Dunne Group has shocked the industry by announcing that it has ceased trading with ‘immediate effect’ after appointing administrators in the wake of ‘severe cashflow issues’.

The decision will see the Bathgate based business lay off 524 staff across the UK with only a skeleton team of 16 remaining to oversee the disposal of assets.

Joint administrator Tom MacLennan of FRP advisory said: “This is a sad loss for the construction and building industry. The business faced substantial trading losses on some contracts, leading to severe cashflow pressures.

"Additionally, rapid expansion led to pressure on working capital and a requirement for significant additional funding that was not available."

Founded in 2001 the business had expanded rapidly with recent projects including Maggie’s Forth Valley and Glasgow Academy’s science and technology wing and the Queen Elizabeth University Hospital, Glasgow.


Photograph by Infinite 3D

Post your comments

 

All comments are pre-moderated and
must obey our house rules.

 

Back to July 2016

Search News
Subscribe to Urban Realm Magazine
Features & Reports
For more information from the industry visit our Features & Reports section.