Potential buyers sought as Dundee glazing firm enters administration
Wed, 27 Sep 2023 | ADMINISTRATION
Logie Glazing and Building Services, a Dundee-based construction firm founded over 50 years ago, has fallen into administration. All 16 jobs have been lost at the firm, with administrators seeking buyers for the company’s business and assets.
Logie Glazing was based on Tannadice Street and worked on projects across Tayside and Fife for both private and public sector clients. In the company’s accounts to the year ending March 31 2022, its fixed assets were valued at £139,795 and current assets at £1.4 million. At the time, its net liabilities amounted to £165,066.
Founded in 1968 and incorporated in 2006, the business was described as “very well-established” in the area. Nonetheless, like many construction companies, it began to struggle as a result of rising costs, with cost inflation leading to pressure on its profit margins and cash reserves.
After being unable to secure the funding required to continue trading, the company appointed Blair Nimmo and Geoff Jacobs of Interpath Advisory as joint administrators, subsequently ceasing trading with the loss of all jobs.
Commenting on the business, joint administrator and Interpath Advisory Chief Executive Blair Nimmo said: “Logie Glazing was a very well-established business. Like many in the sector and despite the director’s best efforts, was unable to withstand what continues to be a very challenging trading environment.”
Fellow joint administrator and Interpath Advisory Managing Director Geoff Jacobs said that the administrators’ immediate priority would be to support the company’s staff, adding: “Any parties who have an interest in the company’s business and assets should contact the administrators as soon as possible.”
Read the latest on how distress is continuing to mount in the construction industry
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