Buyer found for stricken construction company McGill
Hundreds lost their jobs when the business plunged into administration earlier this month.
A buyer has been found for stricken construction company McGill.
The Dundee-headquartered company went into administration earlier this month with the loss of around 400 jobs.
McGill blamed cash flow problems caused by a downturn in work over the winter and delays in payments from customers.
Catalus Energy Investments Limited has now been named as the preferred bidder, however it is not yet known how many jobs, if any, might be saved if the sale is completed.
The prospective new owner said it specialised in "the consolidation of industries, mergers and acquisitions, finance and growth".
Blair Nimmo and Geoff Jacobs of KPMG LLP were appointed as joint administrators for McGill, which was founded in 1981 and carries out work on commercial, residential, healthcare and education projects.
On Tuesday, Mr Nimmo said: "The joint administrators are pleased to announce they have appointed Catalus Energy Investments Limited as the preferred bidder and granted them a short period of exclusivity to acquire the business and certain assets of McGill & Co Limited - in administration.
"Agreement of the sale is subject to due diligence and contractual agreement, however both parties are hopeful that a transaction can be concluded in early course.
"Further information will be available in due course."
McGill traded through five divisions: mechanical and electrical services, facilities management, social housing, private residential, and fibre and wireless.
As well as Dundee, the company also has ancillary offices in Glasgow and Edinburgh.
A spokesperson from Catalus Energy Investments Ltd said: "We can confirm that Catalus Energy Investments, a group of professionals specialising in the consolidation of industries, mergers and acquisitions, finance and growth, is the preferred bidder in the sale of McGill & Co Ltd."