Kenneth Craig and Kevin Mapstone of Begbies Traynor were appointed joint administrators on 21 August, following a petition to Hamilton Sheriff Court by the company’s directors.

The directors had acted after HM Revenue & Customs presented a winding-up petition over an outstanding tax bill, and after consultation with the firm’s secured creditor, Lloyds Commercial Finance. The company has ceased trading.

Founded in 2017 by Daniel McGinley, Apex provided traffic control equipment and services for roadworks and high-profile venues, including Hamilton and Ayr racecourses and The Open at Royal Troon, and operated more than 150 sets of roadwork traffic lights. Its customers included Transport Scotland, Highways England, Amey Construction and Lanes Group, and it generated revenue of £9.7 million in the year before its collapse.

The directors told administrators they had proposed a repayment plan to clear the tax debt within six months, but HMRC would accept only full repayment and applied to the court for a winding-up order. Monthly charges and interest on the outstanding tax exceeded £30,000.

Thomas McKay, a partner at Begbies Traynor who is overseeing the process, said tightening margins, slower debt recovery, cash flow pressures and rising costs, particularly higher minimum wage and employers’ National Insurance contributions, had left the business unable to meet its obligations and no longer 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.”

The administrators, together with Mr McKay, will supervise the staff consultation process and oversee the liquidation of the business and its assets. They are working with Partnership Action for Continuing Employment (PACE) to ensure affected employees receive their full redundancy entitlements, and with GMG Asset Valuation to maximise returns to creditors.