An investigation into money transfers from building firm McGill to other businesses under the control of Graeme Carling has been “put to bed” according to the Dundee businessman.
Mr Carling, who operates the United Capital investment group, claims administrators have accepted his position that there is no case to answer.
He says “people have been looking for a scandal” over the demise of McGill, which folded in August 2022 with dozens of job losses.
Administrators’ McGill money investigation
The most recent report from administrators Barry Stewart and George Lafferty from Leonard Curtis stated McGill was owed £442,602 by its parent company.
Before its collapse McGill was owned by United Capital Investments Ltd, controlled by Mr Carling and his wife Leanne.
The administrators said they had instructed solicitors to pursue the debt, who had prepared a summons to be served.
However, Mr Carling insists the issue is now resolved.
He said: “The administrators said they didn’t get an email of information. We provided the information and it’s now closed.
“I’ve never been concerned. Everything I’ve said from the start is how it’s played out.
“I think people were looking for a scandal and it’s been put to bed. We’ve had confirmation from the administrators that it’s closed.”
McGill debts
The administrators have a responsibility to recover as much money as possible for distributions to creditors.
Almost £300,000 is due to staff, more than £1 million to HMRC, £602,000 to Bank of Scotland and almost £2.3m to unsecured creditors.
When asked to confirm Mr Carling’s position, a Leonard Curtis spokesperson said: “There is nothing to add from Leonard Curtis at the moment.”
Ryan Russell, partner and head of employment at Dundee firm MML Law, acted on behalf of United Capital.
He said: “Having been directly involved in the process with the administrators, I am pleased to confirm that after providing further additional information to the administrators, the matter is now closed.”
Carling claims £2.2m loss from McGill
Mr Carling previously estimated he had personally lost around £2.2 million in the collapse of McGill.
He bought McGill in 2019 after the firm, which at one point had almost 400 staff, went into administration.
It was able to secure several multi-million-pound contracts from housing associations and local authorities.
However, the bank then withdrew its support.
Mr Carling adds: “I’m not expecting to see any money from McGill.
“We bought a business that had nothing. It didn’t have a customer or a member of staff. We put money in.
“It was a tough horrible state of affairs and circumstances but we’ve come through it and we keep going.”
Carling continuing to hunt for opportunities
Meanwhile, new accounts for United Capital Group Limited show a profitable year.
This is thanks to its investment in Glasgow-based central heating firm Saltire Facilities Management, which continues to trade.
In the year to March 31 2023, it had sales of £27.2m and a pre-tax profit of £241,000 despite writing off a £438,000 debt to a different United Capital company which contained McGill.
Mr Carling, who now lives in Dubai, says he is continuing to look for investment opportunities.
“There are not many businesses out there that are performing as well as Saltire,” he said.
“This year the business will do more than £30m and has the potential to grow more.
“We continue to look for opportunities in the UK and we are close to getting a couple of exciting investments in America over the line.”
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