How and why Stewart Milne collapsed: analysing the numbers

By Daniel Gayne2024-01-31T06:00:00

The collapse of the well-known Scottish housebuilder has shocked many within the housing sector. As Daniel Gayne finds out, the firm’s balance sheets over the past few years provide some clues as to what went wrong

The collapse of the Stewart Milne Group earlier this month left many in the industry scratching their heads. How such a large housebuilder could find itself in administration? And is its failure a bad omen for the rest of the housing sector?

Building took a look at the firm’s accounts going back nearly a decade to find out how this once healthy firm fell into trouble and discovered a homegrown crisis of dwindling assets rooted in the slump in the oil-linked property market around Aberdeen and the firm’s hesitance to buy land during Covid.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

Limited access to building.co.uk
Breaking industry news as it happens
Breaking, daily and weekly e-newsletters

Get your free guest access SIGN UP TODAY

Subscribe now for unlimited access

Subscribe to Building today and you will benefit from:

Unlimited access to all stories including expert analysis and comment from industry leaders
Our league tables, cost models and economics data
Our online archive of over 10,000 articles
Building magazine digital editions
Building magazine print editions
Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community