A family roofing company DUNFERMLINE went bankrupt after nearly 60 years in business.
The administrators of Braisby Roofing Ltd are asking the court to appoint insolvency specialist Shona Campbell, of Henderson Loggie, as liquidator.
The company, which was established in 1965 and employed 20 people, admitted it couldn’t pay its debts and closed its doors last Friday.
William Braisby, managing director of Braisby Roofing and grandson of the eponymous founder, said: “Construction is a difficult business to be in at the moment and like many businesses we have been badly affected by Covid which has resulted in delays on projects where we were the prime contractor and significant bad debts from customers who failed to meet their obligations.
“We have explored all options to continue our operations but, unfortunately, spiraling costs and material shortages, coupled with unsustainable cash flow issues, have led us to seek voluntary liquidation.
“We will always be grateful for the support we have received from our loyal staff.”
The company’s business performance has suffered due to lockdown restrictions throughout the pandemic, and cash flow problems due to late payments, rising costs and large six-figure bad debts have made more more difficult to continue activities.
The family also owns Kwikco Supplies, a wholesale supplier of household cleaning products, hand and power tools, fasteners and workwear.
Kwikco is unaffected by the decision to put Braisby Roofing into liquidation and continues to trade as usual.
The directors want to focus on Kwikco and aim to re-employ some affected employees within the company.
Shona Campbell, insolvency partner at Henderson Loggie, said: “The administrators have made a very difficult decision after facing many challenges.
“It’s sad when a long-standing business has tried to carry on but has no choice but to go into liquidation.
“I will work with the family to close the business of the business and provide guidance and support to ensure employees receive full employment rights.”