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
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.’