How and why Stewart Milne collapsed: analysing the numbers

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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? 

Housing Today 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.  


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