McGill & Co Limited went into administration on 1 February. Administrator KPMG has now completed the sale of the business and certain assets to Catalus Energy Investments.
McGill & Co was a building contractor, specialising in mechanical & electrical services, facilities management, social housing, private residential construction and fibre & wireless. The company’s key assets were four freehold properties, contracts, construction equipment and its order book.
Immediately following the appointment, the administrators implemented an accelerated marketing process for the business and assets. Following the closing date for offers, Catalus Energy Investments was awarded preferred bidder status for the business and certain elements of the company’s assets.
The sale of the business and the assets has been finalised this week. Catalus Energy Investments has acquired the business, order book, the majority of the company’s construction equipment, intellectual property and the right to use the company name and trademarks. Catalus has also entered into an agreement to acquire the company’s head office in Dundee.
The remaining assets, including freehold properties in Glasgow and Dundee are being realised by the administrators together with work in progress, debtors and other amounts due to the company.
Blair Nimmo, joint administrator and head of restructuring for KPMG, said: “We would like to thank everyone involved for their significant efforts in helping to deliver this outcome. We are very pleased to have concluded the sale of these assets to Catalus Energy Investments, which will provide the best outcome for the company’s creditors and may also generate the opportunity for future employment. We wish Catalus Energy every success for the future.”