One of the last remaining Portland stone suppliers has entered administration due to a lack of work

Administrators have been appointed to one of the few remaining suppliers of the world famous Portland stone.

Ian Corfield and Allan Graham of KPMG have been appointed administrators of Stone Firms Limited. The company, based on the Isle of Portland, near Weymouth, operates three quarries and a mason factory and is a leading supplier of Portland stone to the construction industry.

The company employs 59 members of staff, the majority of whom have been made redundant. Nine staff members have been retained while administrators talk to interested parties.

Ian Corfield, restructuring director with KPMG, said: “The business has suffered a severe decline in revenue over the last two years as a result of the economic downturn which has had a huge impact on the construction sector. Unfortunately this led to a shortfall of cash and insurmountable pressure from creditors, leaving the directors no alternative but to request the appointment of administrators.

“Clearly one of our immediate key objectives is to seek any interested parties that could rescue either the company or its business and assets as a going concern. Such parties should contact us as soon as possible.”

The firm’s factory and quarry has had considerable investment in excess of £2m for new machinery and modernisation over the last few years. The company’s history dates back to before The Bath & Portland Stone Firms Ltd was originally registered as a public company in 1897.

Portland stone has been used on many famous buildings including Buckingham Palace, St Paul’s Cathedral and the UN headquarters in New York.

Topics