Construction supply firm Adastra Access folds
Adastra Access, one of the UK’s largest suppliers of specialist access equipment to the construction industry, has called in administrators and ceased trading with 38 staff made redundant.
The Glasgow-based company provided mast climbing work platforms and suspended cradles to blue chip construction contractors.
Historically, the company enjoyed a strong order book, with a number of large-scale projects across the UK. However, it has been faced with significant operational, health & safety and financial challenges, which resulted in trading losses and significant cash flow pressure.
Despite a recent injection of funding from the company’s shareholder and the exhaustive efforts of the directors to safeguard the future of the business, the financial position of the company deteriorated such that the business was no longer considered viable,
Blair Nimmo, chief executive of Interpath Advisory and joint administrator, said: “The collapse of Adastra Access Limited is another indicator of the challenges and economic headwinds currently facing the Scottish and UK construction sector and in particular, subcontractors.
“The directors fought hard to save this business, but it was ultimately impossible to mitigate the impacts of labour shortages, rising costs and delays to customer projects.”
Alistair McAlinden, head of Interpath Advisory in Scotland and joint administrator, added: “Our priority is to assist those members of staff who have been made redundant, providing them with the information and support they need to claim their statutory entitlements, as well as to support the directors and ultimate owners, for whom this is also a very difficult time.
“We are in contact with various government support agencies, including Partnership Action for Continuing Employment, who are also fully committed to assisting impacted employees.”