The Perthshire housebuilder has fallen into administration with 66 members of staff being made redundant.

Work on active sites including affordable housing and supported living apartment developments will cease pending a review of works in progress.

Rising labour costs and inflation on buying materials were cited for the collapse.

Mr Cairns, who is managing director at Alvarez & Marsal’s restructuring practice in Glasgow, said: “Like other contractors, Hadden Construction has been battling a number of headwinds in recent years, including inflated materials prices, rising labour costs and supply chain interruptions.

“As administrators, we will seek an orderly wind down of the operations and will welcome any investor interest in the company’s assets.”

Mr Cairns added: “We understand that today’s news is unsettling for the company’s employees and will be doing all we can to support them over the weeks ahead.”

Auchterarder-based Hadden Construction was founded in 1992 and said its “growth and success has been achieved through a loyal and reliable staff, prudent fiscal policies, and a culture and approach attuned to our client’s needs”.

The company website states: “We work in partnership with a highly respected supply chain, including suppliers and subcontractors who share our partnering ethos and high standards which ensures the delivery of services aimed to exceed our clients’ expectations.”

The latest accounts for the firm for the year to 31 March 2023 show a turnover of £30.2 million generating a pre-tax profit of £260,503.

In March this year, Hadden was appointed by the Scottish Procurement Alliance to its £100m Refurbishment and Modernisation (RM3) Framework.

The company secured a £1.9m design & build contract in April to deliver 10 affordable homes for rent in Newtyle for Abertay Housing Association and was working to replace 20 chalets on a permanent Gypsy Traveller site near Perth.

Hadden was already appointed to SPA’s Public Buildings and Infrastructure (PB3) Framework and New Build Housing Construction (H2) Framework, as well as several other public sector frameworks including Scotland Excel’s New Build Residential Framework, Wheatley Group, Link Group, Hub East Central, Hub South East and The City of Edinburgh Council.

Elsewhere, Hadden had undertaken work at the University of Stirling’s Muirhead House student accommodation as part of a £6.25m refurbishment.

The Ferguson Veterinary Clinic in Glenrothes and the Edward Lawson Centre in Wishaw are also among the company’s active developments.