A Fife electrical and maintenance firm has gone into administration with the loss of 126 jobs.
The shock development has come after Northsouth Communication of Lochgelly embarked on an expansion drive after winning a major ScotRail contract to maintain stations across the Scottish network.
A year ago it was on track to almost double annual revenues to £7 million after adding 50 employees to its workforce and moving to larger headquarters.
But the workforce were today given the shock news that the company has gone into administration after becoming insolvent, and all jobs have been lost.
Baker Tilly Restructuring said Keith Anderson and Adrian Allen have been appointed joint administrators to Northsouth Communication after the company had been suffering from a lack of profitability and cashflow issues.
“It was the intention of the administrators to try to effect a rescue of the company’s business by trading on, but this has proved impossible, and as a result, all trading ceased.
“Regrettably, the administrators will have no choice but to make the 126 employees redundant. Advisers from Baker Tilly will be available to help affected staff to make claims to the Redundancy Payments Office.”
For more on this story, see Saturday’s Courier.