RMJM's three UK subsidiary companies have ceased trading after being placed in
receivership. The firm says the steps have been taken with a "deep sense of regret".
The move has seen restructuring company KPMG appointed as the receivers of RMJM Ltd, RMJM London Ltd and RMJM Scotland Ltd.
A new business. RMJM European Division which has acquired the UK subsidiaries and contracts along with RMJM Middle East, RMJM US and RMJM Asia.
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RMJM chief executive, Peter Morrison, said: "The RMJM team around the world has shown tremendous resilience and loyalty in extremely challenging circumstances over the last number of years.
"The financial issues the business has faced are a direct impact of a brutal global recession and the well-documented impact of this on the UK construction market. This restructuring is designed to support the clients, projects and the staff of RMJM's business in the UK."
Blair Nimmo, head of KPMG restructuring in Scotland, said: "The companies' businesses have been very severely impacted by the slowdown in the construction industry as a result of the worldwide recession.
"The sale of the businesses to RMJM Architecture will help facilitate continuation of the companies' current contracts, preserve the employment of some 120 people and achieve the maximum return for the companies' creditors."
The firm added that the restructuring would not impact or affect the Group's operations in the US, Far East and Middle Eastern businesses or activities of the RMJM Group.
(IT)
