Scottish glazing firm AC Yule and Son has collapsed into administration, with the loss of 211 jobs.
The company, an established window fitter and glass processor, confirmed it will keep on 61 staff to try to complete current projects and outstanding orders.
Blair Nimmo and Gary Fraser of KPMG have been appointed joint administrators, and are seeking a buyer for parts or all of the business.
AC Yule is headquartered in Aberdeen, and has branches in Elgin, Livingston and Glasgow.
Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland, said: “As a result of prolonged difficult economic conditions over the last three years, AC Yule & Sons Ltd 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 that they had no option other than to seek the appointment of administrators.”
Obviously KPMG will hope to find a buyer for AC Yule. But with only the biggest of the big boys with the cash to perform such acquisitions, the chances of a purchase in such an anxious economic situation seem slim at best. However, I wish the company and the staff all the best. I hope they do find a buyer, I hope that as many of their employees retain their jobs. And I hope for all those that do unfortunately lose their jobs that they find new and rewarding ones soon.
The above report can be found here.