McGill secures first work since rescue deal
McGill & Co returned to work this week for the first time since being purchased from administration.
The Dundee construction firm was purchased from administration by Catalus Energy Investments last month after the firm succumbed to disputes and delays in payment for a number of significant projects.
As well as the return to jobs this week, the company will also be reinstated to a facilities management contract with Fife Council later this month.
Chief executive Graeme Carling said £1 million has been invested into the resurrected firm so far to purchase McGill’s Dundee headquarters, equipment and to provide working capital.
Outlining his vision for the firm, he told The Courier: “The core of the business going forward will be facilities management – ongoing repairs and maintenance.
“In addition to this we’ll do residential work, mostly refurbishments for local authorities and housing associations.
“And lastly we are looking to do more housebuilding.”
Mr Carling said he had submitted a bid for McGill’s small housebuilding operation, McGill Homes (Scotland), which is subject to a separate administration, but added that he would look for housebuilding opportunities regardless.
The chief executive said that he was also looking for opportunities to acquire construction firms in the Central Belt.
“My one regret is not buying McGill’s Edinburgh premises as the opportunity in Glasgow and Edinburgh is huge,” he added.
He said his vision for the company was getting back to a £20 million turnover.
“When we did due diligence for the company, we analysed accounts for 20 years,” he said.
“The sweet spot for McGill was around the £20m mark which is roughly between 150 and 200 staff.
“That’s when McGill was at its strongest in terms of its balance sheet, its cash position and its profits.”