Milestone Developments, a housebuilder based in Ayrshire, has recently acquired the former Stewart Milne site in Charleston, Cove, as well as another unfinished site in Monarch’s Rise in Arbroath. This move comes after Stewart Milne Group went into administration in January, leaving behind several incomplete projects that Milestone Developments has now taken over.
The deal includes completing 22 homes in the Charleston development and 62 homes in Monarch’s Rise. Stuart and Nicola Jackson, the husband and wife team behind Milestone Developments, expressed their excitement about expanding their operations across the north-east and central belt of Scotland. They mentioned that the goal is to organically grow the company by taking advantage of opportunities like these acquisitions from Stewart Milne.
Since starting work on the sites, Milestone Developments has received positive feedback from contractors, former Stewart Milne site managers, and homeowners. Many contractors from the previous project have been retained, ensuring a smooth transition in the completion of the developments. Homeowners in the area have also expressed their delight in seeing progress after months of inactivity on the sites.
While the deal with administrators took some time to finalize, Milestone Developments is now focused on establishing themselves in the north-east and looking for more opportunities to grow their business further. The company is already in search of other potential sites to develop, indicating a positive outlook for the construction sector in the region.
In the midst of these developments, Stewart Milne Group’s administration has left hundreds of ordinary creditors owed more than £33 million without any hope of recovering their losses. The recent progress report by Teneo, the administrators, reveals that Bank of Scotland, which held security over the company’s assets, was owed around £108 million, while HMRC is due another £1.7 million. The company, founded by Stewart Milne in 1975, had 329 employees at the time of its collapse, emphasizing the significant impact of the administration on both creditors and employees.
Despite the challenges faced by Stewart Milne Group and its creditors, Milestone Developments’ acquisition of the unfinished sites brings a glimmer of hope to the construction sector in Aberdeen and Arbroath. The commitment to completing these projects and seeking additional opportunities for growth demonstrates a positive trend in the industry, showcasing resilience and determination in the face of adversity.