Cash flow blamed
99 jobs lost at Scottish Electric Group
Donald McNaught of accountancy and business advisory firm Johnston Carmichael has been appointed as provisional liquidator of Vasanat International Ltd trading as Scottish Electric Group.
The business offered a range of professional electrical services and employed 99 staff, all of whom will be made redundant.
The company was placed in provisional liquidation on 29 August.
Mr McNaught, restructuring partner at Johnston Carmichael, said the business had faced prolonged cash flow pressure which, despite the efforts of management, it was unable to overcome.
He added: “Our main objective going forward will be to preserve value in the Scottish Electric Group’s remaining assets to maximise the return to creditors.
“Unfortunately, the process has resulted in job losses and we will work with the relevant government agencies to ensure employees are provided with the appropriate support.”