One of Perthshire’s largest housebuilders, Hadden Construction, has plunged into administration with 66 jobs lost.
Professional services firm Alvarez & Marsal have been appointed as administrators for the Aberuthven company.
Hadden Construction posted a pre-tax profit of more than £260,500 to the end of March 2023, its latest accounts show, with a turnover of £32.4 million.
In 2022, they posted a pre-tax profit of more than £660,000, while in 2021 they reported a loss of £1.67m.
Speculation had grown recently regarding the firm’s ability to continue trading.
Bosses at the firm were unavailable for comment when approached by The Courier.
The company employed 86 members of staff at last count, split roughly between site workers and office managers.
Administrators confirmed at least 66 members of staff had been made redundant.
All work at the company’s sites will cease while a review is carried out.
Hadden Construction in administration
The cost of materials, wages and “supply chain interruptions” has been blamed for Hadden’s collapse.
Ben Cairns, managing director at Alvarez & Marsal, said: “Like other contractors, Hadden Construction has been battling a number of headwinds in recent years, including inflated materials prices, rising labour costs and supply chain interruptions.
“As administrators, we will seek an orderly wind down of the operations and will welcome any investor interest in the company’s assets.
“We understand that today’s news is unsettling for the company’s employees and will be doing all we can to support them over the weeks ahead.”
Developments across Tayside and Fife
Hadden has been involved in a number of development in central and north east Scotland, including in Fife and an affordable housing development in Newtyle
The homes are being built on behalf of Abertay Housing Association for £1.9m.
It comprises of ten new one, two and three bedroomed semi-detached and cottage flat style homes.
A student housing development in Stirling was also underway when the firm announced its administration.
The company had also been appointed as a minor works contractor for Perth and Kinross Council.
Work expected to have been carried out by Hadden for the council included roof works at Royal School of Dunkeld and AK Bell library and structural and remedial works at Inchture Primary School.
This work is expected to be delayed while a new contractor can be found.
A spokesperson for Perth and Kinross Council said: “Perth and Kinross Council remains committed to deliver the programmed works.
“Decisions will be made on an individual basis. It is likely that there will be some delay but at this time every effort will be made to minimise this.”
Perthshire housebuilder Hadden
Hadden Construction was founded in 1992 by Scott Hadden, Ronnie Horne and Murray Stewart.
From an initial capital investment of just £10,000, the firm says it has grown to be Perthshire’s largest headquartered main contractor.
Formed originally in Crieff, the company moved to Aberuthven in 2000.
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