According to the latest report from administrators Teneo Financial Advisory, three firms have filed claims since January 2025, pushing the total owed to unsecured creditors to £40.3m. This comes on top of the £107.9m owed to secured lender Bank of Scotland (BoS).

SMG, based in Westhill near Aberdeen, entered administration in January 2024, leaving hundreds of suppliers, contractors and staff facing losses. In the first year alone, claims worth £36.4m were submitted by unsecured creditors.

Teneo’s new update, covering January 8 to July 7, records a £10.4m payment to BoS, which holds first charge over SMG’s land and other assets. The administrators made clear that unsecured creditors will not receive a payout.

“Based on present information, there is no prospect of a distribution for unsecured creditors, therefore we do not intend to undertake any work to agree any creditor claims received,” Teneo said.

At the time of collapse, SMG employed 329 people, with 217 staff made redundant immediately. Earlier this month, nearly 100 former Aberdeen-based employees secured a share of a £1m settlement following legal action by Unite the Union.

SMG’s downfall also left 10 projects unfinished, though all have since been sold. Only one property remains on the market – a unit at The Orchard development in East Linton, East Lothian.

Meanwhile, administrators have instructed Jones Lang LaSalle and Hill Dryburgh Limited to market SMG-owned land at Portlethen. “The marketing process is under way, and we are reviewing the initial offers received,” the report states.

Teneo has billed just over £1m for its work during the latest six-month period, down from £2.4m in the previous half-year. The administration is expected to conclude by January 8, 2026.