Gordon MacLure, restructuring partner at Johnston Carmichael, has been appointed liquidator of Highland civil engineering firm Daviot Group Limited after the firm collapsed with the loss of all 31 jobs.
The company previously delivered power cable installation, civil engineering infrastructure and utilities services on projects such as at Gleneagles for the Ryder Cup golf tournament and upgrades at Inverness Airport.
It also provided plant hire services from its base at Harbour Road, Inverness.
Last year the firm described itself as one of the fastest-growing civil engineering businesses in the UK, having expanded its services in recent years to take in onshore wind, hydro schemes, transmission lines, roadworks and cabling.
However, the decision to cease trading was made on Friday, October 6, with accounts for DGL at Companies House showing heavy losses last year, when the pre-tax deficit came in at £2.3million, compared with profits of nearly £970,000 in 2015.
Turnover also crashed by 26 per cent to £18.86 million last year, from £25.5million previously.
Separate, consolidated accounts for Daviot Group Holdings show even bigger pre-tax losses of £3.5 million last year, compared with profits of £1.5 million in 2015.
“Daviot Group had encountered some cashflow difficulties during the current year,” Mr MacLure said.
“The business was in the process of completing the final stages of a number of cable-laying contracts and it had been hoped that, through negotiations with main contractors, it could continue to operate until at least the end of the year however, this was not possible.”
However, as separate, consolidated accounts for Daviot Group Holdings show, even bigger pre-tax losses of £3.5million last year, compared with profits of £1.5 million in 2015.
They also reveal the group was sold last autumn, with Wyvis Holdings acquiring it from Singapore-based Fasih Rehman.
Documents lodged at Companies House show Wvis Holdings was incorporated on October 28, with director Rachel Limbrick having “significant control”.
Ms Limbrick is named as one of two directors for Daviot Group Holdings in its accounts, alongside David Mitchell. The pair are also the only two directors listed for DGL.
A spokesman for Johnston Carmichael said the holding company itself was not in liquidation and neither was DGL’s sister company, Daviot Group Plant.