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Headquarters of failed Perthshire business listed after collapse with £10m debts

Administrators are liquidating the company’s assets to pay back creditors owed millions.

The offices were built in 2000 and extended in 2014. Image: DM Hall
The offices were built in 2000 and extended in 2014. Image: DM Hall

The former headquarters of failed Perthshire firm Hadden Construction have been listed for sale.

The sale has been instructed by the administrators who are liquidating the company’s assets to make payments to creditors owed millions.

Hadden Construction, which employed 67 staff, went into administration in September.

A report from administrators Alvarez & Marsal shows debts inside the business total more than £10 million.

Selling Hadden headquarters

DM Hall has been instructed to sell the Hadden Construction headquarters in Aberuthven.

Its value was estimated at £710,000 in the company’s books but is being marketed for sale at £600,000.

Hadden started trading from the base at Aberuthven Business Park since 2000. A decade ago it started work on a £500,000 extension to house its staff, which then numbered 124.

Inside the Hadden Construction headquarters for sale. Image: DM Hall
The sale also includes an external warehouse. Image: DM Hall

DM Hall describe the two-storey 7,600 sq ft offices as “modern”, benefitting from a roadside position which has immediate access to the A9 dual carriageway.

It notes there is generous on-site parking, for 45 vehicles, with two EV charging stations.

Other features include a glazed porch entrance with a double-height reception area, extensive solar panels, a passenger lift  and cycle storage.

Will creditors receive money back?

Preferential creditor Bank of Scotland, which held security over several assets, was owed around £541,000.

HMRC is owed more than £2.4m, while preferential employee claims are estimated at £150,000.

Claims from unsecured creditors are estimated at £6.7m while further employee claims are £845,000.

The firm had a balance of £620,000 credit in its Bank of Scotland account when it went into administration, meaning the bank will be repaid in full.

Preferential creditors – which include the smaller employee claim and HMRC – are expected to receive a dividend once company assets have been realised.

Hadden Construction headquarters in Aberuthven. Image: DM Hall

Unsecured creditors, including approximately £2m in subcontractor claims, are not expected to receive a dividend at all.

DM Hall is also selling land the company owns in Croy, North Lanarkshire.

Seven company vehicles which were not leased have been sold by administrators, raising £49,300.

Trade debtors are estimated at £3m. An external firm has been appointed to realise any value, and the expected sum from this is unknown.

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