BusinessBusiness RecoveryEdinburgh construction firm in receivership

Edinburgh construction firm in receivership

KPMG to make 344 redundancies

Edinburgh based construction business, Peter Walker Group Ltd, has gone into
receivership at the request of the company’s directors.

Blair Nimmo and Gary Fraser of KPMG corporate recovery were appointed as
joint receivers earlier this week, and said they had no choice but to make 344
redundancies with immediate effect.

The company has effectively now ceased to trade.

According to KPMG, the group suffered from ‘poor financial controls and
information systems, which led to the company being involved in a number of
unprofitable contracts’.

Joint receiver and head of KPMG Corporate Recovery in Scotland, Blair Nimmo,
said: ‘The group appears to have been in a difficult financial position for some
time. A combination of high overheads and unprofitable contracts eventually led
to substantial losses being incurred, which resulted in significant cash flow
problems. This left the group’s directors with no choice but to request the
appointment of receivers.’

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

2d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

2d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor