A Glasgow construction firm founded nearly 50 years ago has gone into administration, with the immediate loss of 148 jobs.
Central Building Contractors confirmed this afternoon that it had called in administrators, citing difficult trading conditions which had been "greatly exacerbated" by the ongoing coronavirus crisis.
The privately-owned, family-run firm had been trading since 1971, providing a range of construction design, development and maintenance services throughout Scotland.
Administrators Blair Nimmo and Geoffrey Jacobs have kept on 11 staff to help with the administration process of the firm - which has it head office in Ibrox.
James McAlpine, Director at Central Building Contractors (Glasgow) Limited, said: “Already difficult trading conditions have been greatly exacerbated by Covid-19 which has made our financial position unsustainable.
“It is with significant regret that administration has been necessary.
“We have been very fortunate to have loyal and hard-working staff, a supportive supply chain and professional partners, many of whom have worked closely with the business for a great many years.
“We will work closely with the administrators to ensure every possible assistance is provided to all our employees during this exceptionally difficult time.”
Blair Nimmo, joint administrator and KPMG's head of restructuring said: “Central Building Contractors (Glasgow) Limited has a rich history and is a well-known and highly regarded business in Scotland, but, despite the efforts of the directors, the business faced a range of cashflow challenges in recent times, which were amplified by the recent Covid-19 lockdown.
“We will be working to support the employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected.
“We would encourage any party who has an interest in acquiring any part of the business and assets to contact us as soon as possible.”
