Nearly 40 people were made redundant yesterday when a fast-expanding Aberdeen oil-field products firm went into administration.
Stable Holdings is believed to have a busy order book, but was unable to get additional lending from the Royal Bank of Scotland.
Chief executive Rod Coffey, who has led Stable for four years, declined to comment on the bank situation.
A spokesman for RBS said: “We have been working very closely with the directors of Stable for some time now in a bid to reach a satisfactory conclusion to what has been a difficult period for the business.
“Unfortunately, the appointment of administrators by the company’s directors was necessary as a last resort.”
However, the spokesman insisted the bank was ready to support viable businesses. He added: “We are currently providing new loans to over 5,000 businesses a week, and are currently approving 85% of all applications for credit made by businesses.”
Stable employed 79 people in Aberdeen, before this was cut to 43 following yesterday’s job losses.
Administrator PricewaterhouseCoopers said in a statement yesterday that Stable had suffered from working-capital pressure.
Joint administrator Bruce Cartwright said: “Following a buyout in December 2006, the group has grown from an annual turnover of £7million to £22million.
“Despite a good underlying business, due to rapid expansion in a challenging economic climate pressure has been put on working capital.
“It is with regret that we have had to make 36 redundancies upon appointment.
“We intend to pursue a sale of the business and assets of the group as a going concern. While a buyer for the business is sought, we will work with the company’s existing management team.”
Mr Coffey said: “We are all hoping that a buyer or an investor can be found quickly to save the undoubted potential of this company.”
The businessman had been a director at International Tubular Services in Aberdeen before buying a stake in Stable in 2005. The following year, he bought the company.
The job losses at Stable are the latest bad news for the local oil industry. On Friday, Houston-based Schlumberger said 58 jobs were under threat at its Dyce-based drilling and measurements division. The previous day, oil giant Shell said “substantial” staff cuts were likely among its global workforce.