A Fife chartered surveying and building consultancy firm founded almost a century ago has gone into liquidation.
David Adamson and Partners formed in Kirkcaldy in 1930 as a chartered surveying company.
Following a series of cash flow issues and difficulties in securing funding, liquidators have been appointed.
Around 16 people were employed by the organisation, with eight being made redundant.
The rest have been retained by Hardies Property and Consultants, who acquired a portion of the David Adamson group after they went under.
This includes two directors, Alan Hirst, who ran the office in Edinburgh and Richard Bownass, boss at the Kirkcaldy office.
Fife chartered surveying firm unable to secure funding
Commenting on the David Adamson collapse, Mr Hirst said: “The insolvency is a
result of several factors but in particular cashflow, where the business was unable to obtain further funding to meet its liabilities.
“Following insolvency advice and a short period of marketing the business, the directors were forced to appoint a provisional liquidator.”
Steven Wright, provisional liquidator at William Duncan (Business Recovery) Ltd, said: “Our primary goal is to minimise the impact of the insolvency on stakeholders to the greatest extent possible.
“We are providing assistance to those employees who have been made redundant and will assist them in making claims to the redundancy payments service.
“We are pleased however upon my appointment to have been able to preserve a portion of the business and facilitate the transfer of a number of jobs to Hardies.”
Local and international client portfolio
The firm work with a number of local and national clients, including the Scottish Government, Dundee University, NHS Lothian, Qatar Energy and the Qatar Foundation.
Kirckaldy-based director Richard Bownass said: “In relation to Lothian and Fife, this arrangement will strengthen and expand our offering and consolidate Hardies’ position as the leading construction and surveying consultancy across these regions.”
Mr Hirst added: “Not only does this deal allow us to expand the range of projects we can undertake for clients, but the addition of housing consultancy enables Hardies to expand its service range too.
“This result is a good deal for both firms’ clients throughout the UK.”
Hardies’ recent bought the Dundee-based John Duguid Partnership, as well as BDG Thomson Gray, Allan & Hanel and the Binnie-McKenzie Partnership.