More than 200 jobs have been axed after north-east window firm AC Yule & Son went into administration.
The remaining 61 staff are being kept on to try to complete projects and outstanding orders as restructuring experts from professional services firm KPMG try to find a buyer for parts or all of the business.
AC Yule was until Monday one of Scotland’s leading glass, aluminium and PVCu companies. Its sudden collapse affects workers at the Aberdeen headquarters and branches in Elgin, Livingston and Glasgow.
Figures reported by the company in August showed it in the red after an ”extremely challenging” year.
Staff at the 65-year-old firm were told about the 211 job losses on Monday morning. KPMG’s Blair Nimmo and Gary Fraser have been appointed joint administrators.
Mr Nimmo, head of restructuring for KPMG in Scotland, said: ”As a result of prolonged difficult economic conditions over the last three years, AC Yule sustained a reduction in its turnover together with considerable erosion in its margins.
”The directors proactively implemented a number of restructurings, both financial and operational, which involved significant additional share capital being injected.
”Unfortunately, despite these actions, losses continued to ensue which led to the directors concluding they had no option other than to seek the appointment of administrators.”
The joint administrators will try to pay off creditors and complete ”certain orders” as best they can while they seek a buyer or buyers, Mr Nimmo added.
AC Yule made net pre-tax losses of just over £342,000 in the 12 months to the end of January last year, on turnover of £28.9m. This compared to net pre-tax profits of nearly £547,000 on turnover of £34.1m in the previous year.