The firm, based in Grantown-on-Spey, has enjoyed a rise in turnover in the past three years, with sales likely to exceed £8 million in its latest financial year, but it has fallen victim to financial pressures stemming from losses on contracts.
Tom MacLennan and Iain Fraser of FRP Advisory have been appointed joint administrators and will continue to trade the group – which employs 97 full- and part-time staff – while they seek a buyer for the company and assets. A spokesman said there would be no immediate redundancies.
The main company occupies a five-acre fabrication and assembly facility in Grantown-on-Spey incorporating a fabrication shop, machining shop, assembly shop, offices, stores, stockyard and assembly area.
Its Tritech Nairn subsidiary runs grit-blasting and painting facilities from a satellite facility on the former RAF base in Kinloss, employing 11 people.
MacLennan said: “Losses on a number of contracts and consequent financial pressures have resulted in administration being the only option for the business.
“That said, we believe there is a viable business underlying these recent contract-related losses and we will continue to trade the company whilst actively seeking a buyer.”