Construction sector downturn blamed for demise of 26-year-old company
Grangemouth-based construction firm Carronvale Homes Ltd has been placed into receivership.
Blair Nimmo and Gary Fraser of KPMG were appointed as joint receivers of the 26-year-old company on Monday.
Carronvale Homes employed 21 staff, 15 of whom have been made redundant, with six retained to assist the joint receivers.
Carronvale Building Company Ltd, a related company also headquartered at Wood Street in Grangemouth, continues to trade free from insolvency proceedings.
The builder has two partially complete developments in Bathgate and Grangemouth, and also owns development sites in Tullibody, Clackmannan, Cambuslang, Larbert and Standburn.
In total, Carronvale has planning consents for 256 residential homes and applications for a further 53 pending.
The company also has a short-term let apartment in Edinburgh city centre.
Blair Nimmo, joint receiver and head of restructuring for KPMG in Scotland, said: “Carronvale Homes Limited enjoyed an excellent reputation as a builder of quality residential property, having been a part of the Scottish construction industry for more than 25 years.
“The widely-publicised slowdown in the Scottish residential property market and the resulting contraction of the construction sector have, unfortunately and despite the efforts of the management team, led to the regrettable decision to cease trading with the loss of 15 jobs.”
Parties interested in acquiring any of the company’s assets should contact Joyce Thomson at KPMG on 0141 300 5502.