Haulage repair firm Colin Hutton calls in liquidators
Glasgow truck and trailer repair specialist Colin Hutton Limited has gone into liquidation with the loss of 50 jobs.
The liquidators, Begbies Traynor, said the company had suffered a dramatic loss of trade along with rising fuel costs.
All but two staff who will help sell the assets of the company were made redundant immediately.
The business was founded by Colin Hutton 34 years ago .
It had been run by his daughter Corrine following a management buy-out several years ago and had an annual turnover of £2.8m.
The liquidators said there was likely to be a large shortfall to creditors even after the assets were sold off.
Ken Pattullo, from Begbies Traynor, said: "Regretfully we were unable to try and trade this business to sell as a going concern.
"The debts were on such a scale, and the ongoing trade levels were so low, that it was simply not viable in its current guise.
"The business had traded well for over 30 years, but the economic downturn and continued falling revenues from the commercial vehicle sector led to the firm's failure," he added.