Sites set for wind-up sale

Administrators have been called in to Scottish development company Elphinstone, which has fallen victim to the recession.

The firm's 18 sites, including land in Greenlaw near Newton Mearns where Waitrose plans a store, will be sold to pay creditors. The company was previously involved in plans for a 40-storey tower in Glasgow, but the scheme was scrapped in 2008.

"Elphinstone has been affected by the reduction in construction activity, particularly residential. Demand for sites has dropped significantly with a consequent impact on land values," said Blair Nimmo of administrators KPMG. "While it has continued with applications and sales negotiations, transactions have taken longer to complete."


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