Uist Builders has £11.5 million debts 8/7/12
The crashed Uist Builders group has nearly £11.5 million of debts according to documents released by administrators Zolfo Cooper.
Around 250 workers across the north of Scotland lost their jobs. Many redundancies were in the firm’s heartland of the Western Isles.
Uist Builders -
Redundant workers are unlikely to see anything of the over £1 million is owed in wages.
Neither will the 500 or so firms and self-
A Statement of affairs reveals the UBC group, Wyvis and Mardon companies owes £11,429,625 including nearly £7.9 million to unsecured creditors.
The figures exclude the hefty administrators fees which stood at £239,107 (893 hours at an average hourly rate of £268) for UBC alone about a month ago.
The Bank of Scotland which is owed about £4million has security over a lot of its land and property including the Old Dormitory site in Stornoway, the old Stornoway mart, its Parkend yard, its Daliburgh workshops and the Lochboisdale units.
The Isle of Benbecula House Hotel, better known as the Creagorry, is also held by the Bank of Scotland.
The administrators say it expects the bank to suffer a “significant shortfall.”
Some 500 firms and self-
It includes a large raft of small island businesses and sole traders such as building contractors, garages, hotels, B&Bs and photographers, who are due sums typically from a hundred pounds upwards.
It includes over £300,000 to Caley Timber, about £8,700 to Cal Mac ferries while D R Macleod Haulage is due over £50,000 as well as nearly £16,500 for Western Isles Council.
Sums outstanding also include £34,000 to IA & C Maciver, over £5000 to I M Murray, £7000 to Laing Motors, £10,644 to Macaulay Askernish, £1,113 to Tarbert Stores, £2,570 to Skinners’ Decorators and £7,371 to Uist Parcels
There is also an outstanding bill totalling over £17,000 for the Peteranna family owned Dark Island Hotel.