Fife roofing company victim of lockdown rules
A family-owned roofing company is to be declared insolvent after its trading performance suffered as a result of lockdown restrictions.
The 57-year-old Dunfermline firm, Braisby Roofing, which employed 20 staff, closed on 27 May. Cash flow challenges caused by late payments, rising costs, and significant six-figure bad debts made it increasingly difficult to continue trading.
Directors of the family firm have applied to the court to appoint Shona Campbell of Henderson Loggie as liquidator.
They also own Kwikco Supplies, which is unaffected by the liquidation of Braisby Roofing, and aim to re-employ some of the affected employees.
William Braisby, managing director of Braisby Roofing and grandson of the founder, said: “Construction is a difficult business to be in right now and, like many companies, we have been severely impacted by Covid, which resulted in delays on projects where we were the principal contractor and significant bad debts from customers failing to meet their obligations.
“We have explored every option to continue trading but, regretfully, spiralling costs and shortage of materials coupled with unsustainable cashflow problems have led us to apply for voluntary liquidation.
“We will always be grateful for the support we have received from our loyal staff.”
Ms Campbell, insolvency partner at Henderson Loggie, said: “The directors have reached a very difficult decision after facing up to many challenges.
“It’s sad when a long-standing business has tried to continue but has no option but to go into liquidation. I will work with the family to bring the affairs of the company to a close and provide guidance and support to ensure employees receive their full employment entitlements.”