Highland firm Mackellar Sub-Sea has gone into administration.
The company, which employs 97 full and part-time staff, is based in Grantown-on-Spey.
There have not been any immediate redundancies and administrators said they believed the business remained “viable” despite losses on a number of contracts.
Joint administrator Tom MacLennan, of FRP Advisory, 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.”
The company has also appointed administrators to related companies MacKellar Tritech Ltd and Tritech Nairn Ltd.
MacKellar Subsea’s last full-year audited accounts, covering the 2012 year to September 30, revealed turnover had grown 42% year-on-year to £7.17 million and pre-tax profits rose to £682,488, up from £151,216 the prior year.
The administrators said turnover “has grown rapidly in the last three years and is likely to exceed £8 million for the latest financial year”.
Recommended for you
