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News » UK » Cashflow problems sink Daviot » published 12 Oct 2017

Cashflow problems sink Daviot

Inverness-based civil engineering contractor Daviot Group has collapsed into administration and all 31 employees let go.

Daviot described itself as ‘a leader in power cable installation and civil engineering infrastructure’.

Gordon MacLure, restructuring partner at accountancy firm Johnston Carmichael, has been appointed provisional liquidator. Mr McClure told Aberdeen’s Press and Journal that cashflow problems were to blame for the failure.

“The business was in the process of completing the final stages of a number of cable-laying contracts,” he said. “It had been hoped that through negotiations with main contractors it could continue to operate until at least the end of the year. However, this was not possible.”

Latest company accounts show a pre-tax loss of £2.3m for 2016 on turnover of £18.9m, compared to £970,000 profit in 2015 on turnover of £25.5m. Daviot Group Holdings lost £3.5m before tax last year.

MPU

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This article was published on 12 Oct 2017 (last updated on 12 Oct 2017).

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