Sammeroff fails to apply sticking-plaster

First aid kit maker Frank Sammeroff has placed itself into liquidation after the company was unable to pay its debts.

All 113 staff - 43 at South Nitshill, in Glasgow, and a further 70 at a manufacturing facility in Shanghai - have been made redundant.

Anne Buchanan, a corporate recovery partner at accountancy firm PKF, was instructed by the directors to start the creditors' voluntary liquidation process.

The eponymous company was set up in 1939 and the founder's son, Lawrence, was chairman and majority shareholder.

Abbreviated accounts filed at Companies House showed that the firm had total assets of 1.3 million as at 31 March, up from 1.2m a year earlier.

Buchanan said: "Unfortunately this company has encountered a number of difficulties which has resulted in it being unable to continue trading.

"It is always sad to see the end of any business but particularly poignant when it is a very long established one."

But she warned that there would be more liquidations ahead as the Scottish economy continues to recover from the economic downturn.

"The after effects of the recession continue to be felt among a broad range of businesses in Scotland and I believe that there will be more corporate failures to come as the economy braces itself for further public sector cuts and the aftermath of the UK government's comprehensive spending review," Buchanan said.