The collapse of north-east builder Stewart Milne Group (SMG) earlier this week has left homebuyers and suppliers worried they will suffer financially.
Here’s what the administrators at Teneo Financial Advisory are saying about SMG’s current projects and what they are telling the company’s customers and creditors to do.
- The affairs, business and property of SMG and its subsidiaries are now managed by the administrators.
- The businesses ceased trading with immediate effect on January 8.
- No further construction is being completed at this time, as a result of SMG’s sudden collapse.
- The administrators will “shortly” be contacting all known customers with reservations, as well as creditors, suppliers, subcontractors and hired plant/equipment providers.
- If you have reserved a Stewart Milne property and have not yet moved in, the administrators will be contacting you directly. Should you have an immediate query, email SMReserved@teneo.com
- If you currently live in a Stewart Milne property and have a query with regards outstanding works, email SMHomeowners@teneo.com for further information.
- All sums due by SMG and its subsidiaries prior to January 8 will be treated as “unsecured” claims. All known creditors will be contacted and given details of how to submit a claim.
- All other creditor queries should be submitted to SMGeneral@teneo.com
- If you are a supplier, no further orders should be fulfilled, Delivery to SMG sites should not be attempted, unless otherwise advised by the administrators.
- If you have outstanding invoices, a claim will need to be submitted to the administrators. As noted above, all known creditors will be contacted and given details of how to submit a claim.
- All other supplier queries should be submitted to SMSuppliers@teneo.com
- Due to the cessation of trade, no further work should be undertaken by subcontractors.
- If you are a subcontractor and require site access to collect equipment, email SMsubcontractors@teneo.com
- All other supplier queries should be submitted to SMsubcontractors@teneo.com
At the time of SMG’s collapse, the group’s housebuilding activity included projects in Charleston in Aberdeen, Dunnottar Park in Stonehaven, Monarch’s Rise in Arbroath, Ballumbie Rise in Dundee and Hunter’s Meadow in Auchterarder.
Future plans included 160 potential new homes in Newburgh, Aberdeenshire.
Who are the administrators?
Teneo operates globally. It has Scottish offices in Edinburgh and Glasgow and these casn be contacted on 0131 619 2300 and 0141 619 1600 respectively.
Adele Macleod, Gavin Park and Matt Smith are the joint administrators for parent company SMG and Stewart Milne Homes North West England.
Adele Macleod and Matt Smith are the joint administrators for five other SMG subsidiaries – Stewart Milne Homes Central Scotland, Stewart Milne Central Scotland (Developments), Stewart Milne (Arbroath), Stewart Milne Homes (Auchterarder) and Stewart Milne Homes (Kirkton).
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