Almost 150 people have lost their job following the collapse of a construction company.
Family-run Central Building Contractors, which is headquartered in Glasgow, announced it had gone into administration on Wednesday, citing challenging trading conditions that have been “greatly exacerbated” by the coronavirus crisis.
The joint administrators have made 148 employees redundant immediately. A further 11 members of staff have been retained to assist with the administration process.
James McAlpine, director at Central Building Contractors, said: “Already difficult trading conditions have been greatly exacerbated by Covid-19 which has made our financial position unsustainable.
“It is with significant regret that administration has been necessary.”
Established in 1971, the firm offered a range of construction design, development and maintenance services throughout Scotland.
Joint administrators Blair Nimmo and Geoffrey Jacobs of KPMG LLP said the company had suffered in recent years due to reduced margins, contract disputes and delays in the commencement of a number of significant projects.
The firm’s assets include three freehold properties, numerous contracts, an order book, work in progress and construction equipment.
Mr Nimmo, joint administrator and KPMG’s UK head of restructuring, said: “We will be working to support the employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected.
“We would encourage any party who has an interest in acquiring any part of the business and assets to contact us as soon as possible.”