More than 200 jobs lost as housebuilder Stewart Milne goes bust

The business was started by former Aberdeen Football Club chairman Stewart Milne in 1975 after he qualified as an electrician.

He postponed his retirement in an attempt to secure the future of the firm amid talks with “seriously interested parties”.

Mr Milne, 73, said: “I am devastated by this totally unexpected outcome of the sale process and struggling to accept it, given the profound impact it will have on employees, sub-contractors, suppliers and customers.

“Stewart Milne Group was up for sale and, following significant interest, two bids were submitted. The bank has not accepted either bid and withdrawn its funding.

“I tried everything I could to find a way to achieve a better outcome for the business and the people who depend on it.

“I believe one of the bids could have delivered a comparable, financial return to administration and, crucially, allowed the business to continue to operate, safe-guarding hundreds of jobs and protecting livelihoods.”

SNP MP for Aberdeen South, Stephen Flynn, said the news would be a bitter blow to workers and all those involved with the company.

Teneo said 54 employees had been retained to assist in the administration process.

An additional 58 workers from the north-west England operation have also been kept on.