Dundee's Logie Glazing and Building Services folds with loss of 16 jobs
Blair Nimmo and Geoff Jacobs of Interpath Advisory have been appointed joint administrators of Logie Glazing and Building Services, which was incorporated in 2006, and worked for both private and public sector clients across Angus, Fife, and neighbouring areas.
Interpath Advisory – formerly KPMG’s UK restructuring practice, now boasting more than 650 staff and 15 offices globally – said the firm had recently suffered from the effects of cost inflation prevalent across the construction sector, squeezing profit margins and cash. “Whilst the director sought to identify alternative sources of finance, no solution was obtained to resolve the company’s constrained cash position. Accordingly, the director took the decision to seek the appointment of administrators,” the administrator also said, confirming that the firm is unable to continue trading.
Blair Nimmo, chief executive of Interpath Advisory, and former UK head of restructuring and global head of insolvency at KPMG, said: “Logie Glazing was a very well-established business, which, like many in the sector and despite the director’s best efforts, was unable to withstand what continues to be a very challenging trading environment.”
Geoff Jacobs, managing director at Interpath, added: “As a matter of priority, we will be providing support to those employees who have been made redundant, including providing them with the information required to make claims from the Redundancy Payments Service.”
Interpath was also recently appointed joint administrators of Recast Sports, a subscription-free, live and on-demand sports streaming platform powered by microtransactions, with the loss of 42 jobs.
Alistair McAlinden, head of Interpath in Scotland and joint administrator, said: “Recast had enjoyed success with its offering, securing high profile names from across the sporting spectrum, including Manchester City and Inter Milan, as commercial partners. Unfortunately, however, with [recently] committed funding having not been received, Recast was not able to continue operating.”
Andy Meikle, founder and chief executive of Recast, said: “It’s a sad day for all our shareholders, team members, partners, rights holders, and fans, but I’m incredibly grateful to all of those who shared and supported our vision and journey.”
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