JMH, which provides fabrication services for the oil and gas industry, was forced to call in administrators after a market downturn saw the firm shed 89 of its 95 posts.
Blair Nimmo and Geoff Jacobs of KPMG were appointed joint administrators on October 24 at the request of the group.
The firm’s directors recently enforced a number of financial and operational restructures, including injecting additional share capital. However, the moves failed to stem company losses.
Difficulties on large contracts and cash flow pressure were both cited as compounding factors leading up to the call for administrators.
Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland, said: “It is clearly disappointing that a long-established company has suffered due to global demand and competition requiring it to cease trading.
“We will do everything we can to seek a buyer who may be able to protect the business and which would maximise recoveries for creditors whilst also helping to maximise opportunities for the workforce.
“The group has a significant infrastructure comprising a large property together with heavy engineering machinery, an order book, customer base and intellectual property. We would encourage any party who has an interest in acquiring the Group’s business and facilities to contact us as soon as possible.
“We will be working with the employees and the relevant government agencies to ensure that the full range of support is available to all those affected. We would like to thank the remaining staff for their co-operation during this difficult period.”
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