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Tuesday, 11 June 2013

Caithness Stone Industries in administration

Caithness Stone Industries Ltd, founded in 1999 and based in Spittal, which operated a number of quarries and also processed and despatched the finished stone has gone into administration.  It is not known at this stage what the debts were but the administrators at RSM Tenon have said that rising costs and cashflow problems were to blame. The company had a turnover of just over £3m in 2012.

Apart from supplying Caithness Stone to many contemporary building projects, the firm has provided stone for a number of hotels, visitor centres and public buildings.

The business had also diversified into supplying the residential market by launching a range of new stone-based products for kitchen, bathrooms, gardens and furniture.

Mr Fraser of RSM Tenon said: "Caithness Stone Industries had a high profile as one of the leading suppliers and processors of Caithness Stone.

"The company invested heavily in new technology in order to improve the efficiency of extraction and processing, and successfully diversified into new residential markets.

"We will now undertake a thorough review of Caithness Stone Industries Ltd, the results of which will determine the next steps for the administration."

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