A Coupar Angus ventilation firm that employed 81 staff across Scotland has started the liquidation process.
On Wednesday the firm confirmed it had been suffering from severe cash flow problems compounded by significant debts arising from the recent insolvencies of Carillion and McGill Electrical.
Blair Milne, business restructuring and insolvency partner with Campbell Dallas, has been appointed provisional liquidator.
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Founded in 2006, MJ Ventilation manufactured, installed and serviced bespoke ventilation systems for a wide range of commercial and public sector clients.
The company, which had grown rapidly in recent years had a turnover of around £7 million and employed 81 staff.
The business has now ceased trading and all staff have been made redundant.
Provisional liquidator Blair Milne said: “MJ Ventilation was a well-established and highly regarded specialist ventilation systems business with a high-quality client base across the public and commercial sectors.
“Despite the best efforts of the management team, the business had been suffering from unsustainable cash flow problems and the only option was to place the company in liquidation.
“We will now be marketing the company’s assets for sale, including plant and vehicles, and would encourage interested parties to contact our Glasgow office as soon as possible.”
MJ Ventilation operated offices in Edinburgh and Aberdeen as well as its headquarters and workshop in Coupar Angus’ Candlehouse Lane.
Mr Milne added: “A priority for Campbell Dallas will be to minimise the impact on the staff and hence our team will make immediate contact with the Redundancy Payments Service and other agencies such as PACE in order that all claims and support services are progressed as quickly as possible.”