100 jobs lost as liquidator appointed to Dundee electrical firm
A Dundee professional electrical services company has gone into liquidation resulting in nearly 100 jobs losses.
Johnston Carmichael has been appointed as provisional liquidator of Vasanat International Ltd, trading as Scottish Electric Group, which was placed in provisional liquidation on August 29.
The company offered a range of professional electrical services and employed 99 staff, all of whom will be made redundant.
It was working alongside Balfour Beatty providing mechanical and electrical works on the hotel element of the new £28 million Dundee train station.
Donald McNaught, restructuring partner at Johnston Carmichael, said the business had faced prolonged cash flow pressure which, despite the efforts of management, it was unable to overcome.
He added: “Our main objective going forward will be to preserve value in the Scottish Electric Group’s remaining assets to maximise the return to creditors.
“Unfortunately, the process has resulted in job losses and we will work with the relevant government agencies to ensure employees are provided with the appropriate support.”
Companies House records show a floating charge over all of the assets was given to Bibby Factors Ltd in April.
The company noted in abbreviated accounts for the 2016 year to June it had debts of £1.38 million falling due within one year, up from £836,000 in 2015.