Caithness Stone goes into administration
Quarrying firm Caithness Stone Industries has called in the administrators after succumbing to increased costs and competition.
The Spittal-based firm, founded in 1999, generated a turnover of more than £3 million last year but joint administrator Iain Fraser, of RSM Tenon, said heavy investment had landed it with “severe and unsustainable cash flow problems”.
He added: “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, the results of which will determine the next steps for the administration.”