Masterton demolition firm collapses
Administrators have been called in to Grangemouth-based demolition specialist Masterton Ltd, after a bid by company bosses to keep the business afloat failed.
Masterton executives tried last year to save the firm through a company voluntary agreement after big contracts proved less profitable than hoped.
But on Monday, they were forced to call in administrators PwC.
The firm had already laid off dozens of its 140-strong workforce.
A small number of staff have been retained to work on remaining contracts.
Masterton, which is a division of the Blackwell Group, specialised in hazard and asbestos removal, asset recovery, waste management, building demolition and ground engineering.
In recent years, the firm focused on dismantling and decommissioning in the petrochemical and industrial sectors.
In the lead-up to the appointment of PwC, Masterton had gradually reduced its employee base, laying off 28 people at various UK locations in recent weeks.
Joint administrator Alan Brown said: "Masterton secured several large contracts in 2012, delivering strong revenue growth.
"However, it soon became apparent the contracts weren't as profitable as first hoped, and despite a strong order book, the firm became reliant on its parent company for support.
"In response, the directors re-evaluated their long term strategy in 2014, seeking to restructure the business through a Company Voluntary Arrangement (CVA) with support from a boutique turnaround and restructuring firm.
"Despite this course of action, the directors were unable to deliver the anticipated revenue streams needed to maintain and develop the business or meet the terms of the CVA proposal."
He added: "After discussions with the existing lenders, suppliers and customers, the directors have taken the difficult decision to reduce the workforce and place the business into administration.
"Our immediate priority will now be to work with the remaining employees, suppliers and customers to realise the value in the company's assets and contracts."