140-year-old Scottish building firm goes into administration

Watson Construction, one of Scotland’s oldest builders, has gone into administration.

The group, which traces its origins back to the 1870s and has worked on the Scottish Parliament, had not filed accounts with Companies House since April 2007.

In the 12 months to December 2005 it reported a pre-tax loss of £132,587, compared to a pre-tax profit of £120,154 in its previous financial year, the Scotsman reported.

The company’s turnover was £14.9m in 2005, compared to £12.6m in 2004.

The newspaper reported the firm had been hit by a number of resignations that left Ian Gracie, the group’s managing director as sole director.

Administrators Kroll are examining the company’s finances.