Milestone Developments, a construction company owned by married couple Stuart and Nicola Jackson, has agreed to take over a Stewart Milne project in Aberdeen, which was left unfinished after the Stewart Milne Group entered administration in January.
This project, located near Cove, Charleston, was one of several unfinished by the group. The collapse forced workers and subcontractors to halt their work on several developments.
Subscribe to our daily newsletter
Why? Free to subscribe, no paywall, daily business news digest.
Milestone Developments has now secured a deal with administrators Teneo to complete the project, which includes building 22 homes. Additionally, the company has taken over another Stewart Milne project, Monarch’s Rise in Arbroath, with plans to complete 62 homes there.
Milestone Developments, which is based in Ayrshire and founded in 2012, started work on-site around four weeks ago.
Stuart said: “Since starting work the feedback has been very positive.
We’ve managed to retain a lot of the contractors that were there and we’ve got former Stewart Milne site managers working with us.
We’ve had some homeowners say they are delighted to see us on site and there’s activity again as it’s been sitting for eight months with nothing going on.
“Now we’ve got ourselves in a position where we’ve established ourselves in the north-east the next step will be to progress that.
We are already looking for other opportunities.”
Teneo, the administrators of Stewart Milne Group, have chosen not to disclose details about the sale of individual sites. However, a spokesperson has confirmed that all eight partially completed sites have been sold.
The latest update from Teneo shows that numerous ordinary creditors, owed over £33 million, will not receive any compensation. The Bank of Scotland, which had security over the company’s property and assets, was owed approximately £108 million when the company went into administration. Additionally, the HMRC is owed £1.7 million.
The Westhill company, established by Stewart Milne in 1975, had a workforce of 329 when it ceased operations in January. During the first six months of the administration, Teneo has incurred £6 million in fees.
