Mechanical and electrical contracting specialist Weir and McQuiston has been forced to close, and Blair Milne and James Fennessey, partners with Azets, have now been appointed joint administrators of the business which reported a £2m loss for 2020.
The administrators said: "The administration was caused by unsustainable cash flow problems stemming from wafer thin margins in the construction sector, the cessation of construction activity and the widely reported problems with labour and materials shortages.”
Meanwhile Councillor Jim Logue, leader of North Lanarkshire Council called the news “concerning” and added: “The instability of the current financial climate has made it more challenging for many businesses to weather the storm even though the company has recently diversified into different industry sectors such as renewables to extend its offer.
"This is now a very unsettling time for the workers and their families and the council is looking to engage with management at the firm to consider programmes such as Partnership Action for Continuing Employment. We can also offer employability support through Routes to Work where staff can look at retraining or reskilling.”