Weir & McQuiston collapses with 93 job losses
The company has seen margins squeezed
UPDATE 16 Nov: Mechanical and electrical contracting specialist Weir & McQuiston (Scotland) has collapsed into administration with the loss of 93 jobs.
Founded in 1976, the family-owned Wishaw business provided a full portfolio of mechanical and electrical design, installation, maintenance, testing and consultancy services for the commercial, industrial and residential sectors.
In December it was named as one of the UK’s most dynamic and fastest growing companies. The London Stock Exchange included it in a list of ‘1000 companies to inspire Britain’ which identified the UK’s most inspirational small and medium-sized enterprises that had risen to the challenge of Covid.
The administration was caused by unsustainable cash flow problems stemming from wafer thin margins in the construction sector and the widely reported problems with labour and materials shortages.
The company has ceased trading with immediate effect the joint administrators Blair Milne and James Fennessey, partners with Azets, will market the assets for sale including work in progress and plant and equipment.
The business had expanded rapidly in recent years and diversified into new markets, including the supply of M&E consultancy and services for the fast-growing renewables sector.
Projects included city centre offices, health boards, local authorities, private companies, community projects, churches, hotels, retail and sports centres.
Staffing peaked at over 200 in 2019, and Weir & McQuiston was firmly established as one of Scotland’s leading M&E contractors. The business was also well-known for its apprenticeship recruitment and training programme.
Blair Milne, joint administrator and Head of Restructuring with Azets said: “Weir & McQuiston was one of Scotland’s leading mechanical and electrical contracting firms with a quality client base and an excellent reputation across the construction industry.
The directors did everything possible to keep the business trading, however the scale of cash flow problems and the impact of the lockdown left them with no alternative other than to cease trading and place the company into administration.
“We will now focus on realising as much value from the assets as possible for the creditors and would ask interested parties to contact our Glasgow office as soon as possible.”