Derek Forsyth and Blair Milne, partners with accountancy and business advisory firm Azets, have been appointed joint provisional liquidators of the family-owned firm, which was founded in 2017, and provided electrical design, contracting, data, fibre and project-management services for large construction projects.
It is described as having become one of the top electrical contracting businesses in Scotland.
The liquidation is attributed to unsustainable cashflow problems stemming from the Covid pandemic including halted construction activity and, more recently, delays to projects caused by widespread labour and materials shortages.
The business has ceased trading with immediate effect and all 28 staff were made redundant by the company just before the appointment of the joint provisional liquidators.
Mr Forsyth, restructuring partner with Azets, said: “Elecore Electrical Limited was a highly respected electrical contracting firm, with a quality client base and a good pipeline of potential work.
“The directors did everything possible to keep the business trading; however the scale of cashflow problems and the impact of the lockdown left them with no alternative other than to place the company into liquidation. We will now focus on winding up the business.”
Azets, which specialises in the small and medium-sized enterprise market, has in excess of 6,500 partners and specialists across its office network – and more than 160 local offices in cities across the UK and internationally.
Earlier this year, it said it was taking a ten-year lease on offices in the heart of Aberdeen’s professional services district.