Wind turbine tower supplier CS Wind has gone into administration.
Business advisory firms FRP partners, Michelle Elliot and Tom MacLennan, have been appointed joint administrators of the Argyll-based firm.
Located at the Machrihanish Business Park near Campbeltown, CS Wind was founded in 2016 following the acquisition of Wind Towers (Scotland) Limited, which at the time operated the UK’s only factory producing on and offshore wind tower systems.
FRP said in recent years CS Wind had been suffering as market conditions deteriorated resulting in a decline in contracts and revenue.
As a result, CS Wind began a managed wind down last year and was effectively mothballed in the Spring of 2020.
The company was unable to secure new contracts and all staff have now either left or been made redundant by the company.
Business was unsustainable
FRP said with no prospects of any recovery in the market the company’s directors decided to place the business into administration.
The joint administrators will now market the assets for sale, including various plant and machinery and a residential property in the heart of Campbeltown that had been used by management for accommodation.
Ms Elliot said: “CS Wind and its predecessor businesses have a long tradition of designing, manufacturing and supplying high quality wind tower solutions to clients across the UK and Europe.
“The wind tower industry has hence had a significant presence in Argyll for many years, but market conditions have unfortunately resulted in the business being unsustainable and with no immediate prospect of recovery.
“We will now move to market the assets of the business for sale.”
Troubled history with staff made redundant
In October 2019 CS Wind announced it would let go three quarters of its workforce due to “gaps” in its order book.
It was later revealed that up to 80 jobs were at risk at the firm, as CS Wind handed redundancy to 28 staff.
The business made a £27 million investment in the site in 2016 and reported pre-tax profits in excess of £7m in 2018.
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