The Uddingston-based contractor, which provides road barriers and signage, was placed into administration after a petition to Hamilton Sheriff Court by its directors, with the loss of 119 jobs across sites in Scotland and England.

The company has ceased trading and Mr Craig and Mr Mapstone were appointed as joint administrators on 21 August.

The firm primarily provided traffic control equipment and services for roadworks and customers included Transport Scotland, Highways England, Amey Construction and Lanes Group.

The £9.7m revenue business had expanded in recent years to provide traffic management services to venues including Hamilton and Ayr Racecourses and the Open at Royal Troon. The firm also operated more than 150 sets of roadwork traffic lights.

The joint administrators and Thomas McKay, a partner at Begbies Traynor, will now supervise the consultation process with staff, and oversee the liquidation of the business and its assets.

Mr McKay said: “The directors had little choice but to place the business into administration after receiving a petition by HMRC for liquidation, and after consultation with the firm’s secured creditor Lloyds Commercial Finance.

“Tightening margins, slower debt recovery and resulting cash flow challenges, as well as increased costs of trading, especially higher minimum wage and employers’ national insurance contributions, had led to the firm being unable to meet its ongoing obligations and the business was simply not viable.”

He added: “Apex was a highly regarded provider of traffic management services on roads and highways across the UK, and we are working closely with all their customers to help ensure that, where ongoing projects were being delivered, these customers can find alternative suppliers to ensure safe operation of the highways.”

Administrators are working with the employees and Partnership Action for Continuing Employment (PACE) to ensure the affected employees receive their full redundancy entitlements, and are hopeful that the majority of the staff being made redundant may quickly be re-employed in the sector and are working to facilitate that where possible.

They are also working closely with GMG Asset Valuation to maximise the return to creditors from the sale of the firm’s assets.

Interested parties and creditors can make enquires directly with Begbies Traynor through its Glasgow office.