Portland stone supplier falls into administration

Grant Prior 12 years ago
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One of the last remaining suppliers of Portland stone fell into administration yesterday with the loss of 50 jobs.

Stone Firms Limited is now in the hands of administrator KPMG after losing a battle to survive at its base on the Isle of Portland near Weymouth.

The firm operated three quarries and a factory producing the famous stone for more than 100 years which has built some of the UK’s most famous monuments.

The company employed 59 members of staff, the majority of which were made redundant upon appointment of the administrators.  A core team of 9 staff have been retained at the businesses as the administration team talks to interested parties.

Ian Corfield, Restructuring Director with KPMG, said: “Stone Firms Limited has a long and successful history of producing the world famous Portland stone which has been used to build so many great monuments in the UK.

“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 Portland stone factory and quarry has had considerable investment in excess of £2 million, spent on 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.

Locals still refer to the Company as the Stone Mills, which was the trading name of the factory in 1907 and is still based at the same location today.

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