Stewart Milne Group, which has sites in Hamilton and Glasgow, revealed the shocking news on their website on Monday.
The company stated that on January 8, Adele Macleod, Gavin Park and Matt Smith of Teneo were appointed as administrators of Stewart Milne Homes Central Scotland Limited and Stewart Milne Central Scotland (Developments) Limited.
STV News reported that around 217 roles at the company have been made redundant upon the appointment of administrators.
One employee told STV News that staff were invited to a conference call at around 3.45pm on Monday and were informed the company was going in to administration.
STV News also stated that Stewart Milne, founder of the group, said: “I am devastated by this totally unexpected outcome of the sale process and struggling to accept it, given the profound impact it will have on employees, sub-contractors, suppliers and customers.
“Stewart Milne Group was up for sale and, following significant interest, two bids were submitted. The bank has not accepted either bid and withdrawn its funding which left the directors with no option but to appoint administrators.
“I tried everything I could to find a way to achieve a better outcome for the business and the people who depend on it. I believe one of the bids could have delivered a comparable, financial return to administration and, crucially, allowed the business to continue to operate, safe-guarding hundreds of jobs and protecting livelihoods.”
The Scottish branches of Stewart Milne Group revealed on their website that they will now cease trading with immediate effect, adding that no further construction is being completed as a result of the administrations.
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Stewart Milne Group was founded in 1975 and has around 35 active sale sites across the country with offices in Aberdeen, Edinburgh and Glasgow among other UK bases.
