The administration period for Stewart Milne Group and its subsidiaries has been granted a further 12-month extension, pushing the process through to 7 January 2027. This decision was approved by the Court of Session in Edinburgh following a request from the appointed administrators, Teneo. The extension comes almost two years after the Aberdeen-based housebuilder ceased trading and entered administration in January 2024.
Teneo had previously indicated that an extension would likely be necessary to “progress all final matters” related to the company’s winding down. At the time of its collapse, Stewart Milne Group left behind a “nine-figure debt mountain”. This included a substantial £107.9 million owed to its secured creditor, the Bank of Scotland. In an interim report covering January 8 to July 7 last year, a payment of £10.4 million was detailed to the Bank of Scotland.
Beyond the secured creditor, hundreds of other parties, including contractors, suppliers, customers, and former staff, have lodged claims against the group. The most recent administration report confirmed that these claims collectively exceed £40.3 million. Notably, approximately £4 million of these claims were submitted within a six-month period, more than a year after the initial collapse, indicating ongoing financial fallout. Teneo has consistently stated that it anticipates making payments only to secured creditors, suggesting that unsecured creditors are unlikely to recover their funds.
The company, headquartered in Westhill near Aberdeen, employed 329 individuals when it entered administration. A total of 217 employees were made redundant immediately, while 112 were retained to assist with the administration and wind-down procedures. The collapse also had a ripple effect, leading to the loss of hundreds of sub-contractor positions. In a significant development, nearly 100 former Aberdeen-based workers are set to receive a share of a £1 million compensation payout following legal action initiated by Unite the Union.
Prior to its cessation of trading, Stewart Milne Group had 10 unfinished projects. All of these developments have since been sold, with Milestone Developments, led by Stuart and Nicola Jackson, acquiring sites such as Charleston and Monarch’s Rise in Arbroath. The administrators’ fees for their services have also been considerable, with Teneo charging over £1 million for the six months from January to July last year, following £2.4 million in the preceding six-month period.
