KPMG, the Administrators of Stone Firms, the Portland stone quarry company, have called a Creditors’ meeting for 10 December to put proposals by Cladding Consultants, Stone Firms’ parent, and alternatives before creditors.

Stone Firms’ factory has now been re-opened by Cladding Consultants, who have recruited some of the 60 Stone Firms office and factory personnel laid off by the Administrators.

Cladding Consultants say they have offered to pay all creditors the full amounts outstanding. Barclays Bank have confirmed to South Dorset MP Richard Drox that they support Cladding Consultants’ proposals, says Director Geoff Smith.

The Administrators say that if a solvent resvue is achievable, they would propose either a company voluntary arrangement (CVA), where a third party ensures promised conditions are kept, or returning the legal entity to its Director. Geoff Smith says he prefers the second option.

The  Administrators say if a solvent rescue is not achievable the most likely exit route from administration would be the company's dissolution.

Cladding Consultants own the quarries, land and premises used by Stone Firms and commenced trading on 15 November from the factory in Easton Street that Stone Firms had been moving into when the Administrators were appointed. Cladding Consultants can be contacted on the Stone Firms telephone number (01305 820331) by asking for Cladding Consultants.