The 45-year-old family-owned lighting retailer headquartered in Thornliebank, Glasgow, has now ceased trading across its 11 stores in Scotland and the north of England.

The business was restructured two years ago, but has suffered from the pressures of increased operating costs that have affected many retail businesses in recent times.

After efforts to secure a buyer for the business and its assets, Pagazzi Lighting (Web) Limited, the online retail division of Pagazzi lighting, has acquired the business and assets and will operate from a handful of key retail outlets in Scotland.

Thomas McKay, managing partner of BTG in Scotland and Northern Ireland, who managed the restructuring activity, said: “The retail sector has seen some very tough months of late in Scotland and this has also affected the lighting sector, mainly due to increasing competition and high trading costs.

“Reduced margins, slower consumer spending and rising operating costs are creating challenges for many high street retailers, and unfortunately these are the main factors that saw the Pagazzi stores and concessions no longer able to trade. The 11 affected stores closed on 25 February, after BTG consulted with staff about the anticipated closure.

“Sadly, there have been 70 redundancies arising from the unavoidable closure of the retail outlets that were no longer able to trade. We are working closely with these individuals affected to assist them with access to their entitlements in conjunction with Partnership Action for Continuing Employment (PACE) and the Redundancy Payments Service, as we provide these staff members with the support and advice they need.”