Owner Thomas John Stodart says he will urgently be seeking answers from liquidators Johnston Carmichael over the collapse of Scottish Electric Group.
In an exclusive interview with The Courier, the businessman said he had been left “shocked and dismayed” at SEG’s demise and was in the dark as to what had happened to hundreds of thousands of pounds he claimed to have ploughed into the business in recent weeks.
“What I do know is I invested £1.2 million (in the business) – £450,000 of that in the last few weeks and this is not where we are meant to be,” Mr Stodart said.
Asked where that money had gone, the 54-year-old replied: “That’s an excellent question.”
SEG is a trading name of Vasanat International Limited, a firm which Companies House documentation shows registered three charges at the end of July.
One is directly in favour of Mr Stodart – who is known as John – and Lisa Stodart, a second in favour of Thomas John Stodart trading as TJS Properties of Mallorca and the third in favour of Geary Limited, a company in which Mr Stodart was previously a director and is named as a person with a shareholding over 75%.
Mr Stodart gave a statement but declined to answer any further questions The Courier had about SEG and Muirfield Contracts — which he was in charge of during its high-profile failure.
However, he said he would be looking for an explanation of SEG’s failure.
“For me, it is very clear. I am shocked and dismayed that the decision has been made to place us in administration,” Mr Stodart said.
He added: “I have invested that money and unfortunately the plan has not been realised and, for that, I am desperately seeking to understand.
“Significant sums have been invested by me right up until last week.
“Why would I invest unless there is a much greater plan?