The company operated from premises at Pitreavie Business Park and provided manufacturing and assembly services to the commercial vehicle sector. It had built longstanding relationships across the industry, with a significant proportion of its operations supporting Alexander Dennis Ltd.

The business entered administration following the withdrawal of this key contract, which rendered the company unsustainable. The administrators are now progressing an orderly wind down of the business, including a sale of its assets.

Greenfold Systems Ltd employed 90 people. Regrettably, 81 employees have been made redundant following appointment – the administrators are providing affected staff with guidance and support, including assistance with claims to the Redundancy Payments Service. The remaining nine employees are being retained on a short-term basis to complete a customer contract.

Callum Carmichael, joint administrator of Greenfold Systems Ltd and partner at FRP, said: “Greenfold Systems was a well-regarded business that had carved out a specialist role in the commercial vehicle supply chain.

“Unfortunately, the loss of a major customer contract had an immediate and severe impact on its financial position.

“Our priority now is to support the affected employees and to maximise returns for creditors.”