Administrators for McGill launched an investigation into the transfer of money and contracts to a “connected” business as part of a wider scrutiny of the firm’s financial dealings.

The Dundee-based firm entered administration for the second time in less than four years in 2022, with the loss of 100 jobs.

A report from Leonard Curtis, published at Companies House in September, revealed administrators were investigating financial transactions, including why a coronavirus business interruption loan was transferred to a connected company. It was also looking into payments made to McGill’s parent company United Capital.

Now Graeme Carling, who operates the United Capital investment group, said administrators have accepted his position that there is no case to answer.

He told The Courier: “The administrators said they didn’t get an email of information. We provided the information and it’s now closed.

“I’ve never been concerned. Everything I’ve said from the start is how it’s played out.

“I think people were looking for a scandal and it’s been put to bed. We’ve had confirmation from the administrators that it’s closed.”

When asked to confirm Mr Carling’s position, a Leonard Curtis spokesperson said: “There is nothing to add from Leonard Curtis at the moment.”