Steel Engineering, the largest steel fabricator in the west of Scotland, has been saved after the board agreed a company voluntary arrangement (CVA) with its creditors.
The company worked with crisis advisers mlm Solutions to draw up the CVA which will see the business repay 65 per cent of its debt over five years.
All creditors voted in favour of the arrangement, well above the 75 per cent required thereby saving the company and its 60 skilled employees.
Maureen Leslie of mlm Solutions, said: “This is an example of where a good business, which is operated by dedicated and highly skilled people, has suffered a difficult period. This CVA saves the business and gives it the necessary breathing space to create value in the future.”