A family business in Fife has made the “difficult decision” to cease trading after 60 years of operations following monetary issues caused by the Covid-19 pandemic.
The trading performance of Dunfermline-based Braisby Roofing suffered because of lockdown restrictions throughout the pandemic, and cash flow challenges due to late payments, rising costs, and significant six-figure bad debts have made it increasingly difficult to continue in business.
The 60-year-old firm, which employed 20 people, closed its doors for the final time on Friday, May 27.
Owners of the company are applying to the court to appoint insolvency specialist Shona Campbell of Henderson Loggie as liquidator.
The family also owns Kwikco Supplies, a wholesale supplier of janitorial products, hand and power tools, fasteners and fixings and workwear. Kwikco is unaffected by the decision to place Braisby Roofing into liquidation and continues to trade as usual.
The directors wish to concentrate on Kwikco and are aiming to re-employ some affected employees within the business.
William Braisby, managing director of Braisby Roofing said: “Construction is a difficult business to be in right now and, like many companies, we have been severely impacted by Covid, which resulted in delays on projects where we were the principal contractor and significant bad debts from customers failing to meet their obligations.
“We have explored every option to continue trading but, regretfully, spiralling costs and shortage of materials coupled with unsustainable cash flow problems have led us to apply for voluntary liquidation. We will always be grateful for the support we have received from our loyal staff.”
Insolvency partner Ms Campbell added: “The directors have reached a very difficult decision after facing up to many challenges.
“It’s sad when a long-standing business has tried to continue but has no option but to go into liquidation.
“I will work with the family to bring the affairs of the company to a close and provide guidance and support to ensure employees receive their full employment entitlements.”