The collapse of Carillion in January had also reduced Vaughan Engineering鈥檚 order book to the tune of 拢1.1m for the first quarter of the year.
Vaughan Engineering Limited (VEL) is based in Broxburn, West Lothian. It also operates from Warrington and Newcastle in England.
Tony Friar, Blair Nimmo and Stuart Irwin of KPMG were appointed joint administrators of Vaughan Engineering Limited on 26th March 2018. Most of the 154 staff have been let go.
Blair Nimmo said: 鈥淯nfortunately, while VEL was a leading company in its field, the business was unable to continue trading in light of cash flow and recent events within the challenging construction sector.
鈥淎s a result of the difficult financial position facing the company, we had no choice but to make the vast majority of employees redundant.
鈥淲e will be working with all affected employees and relevant government agencies to ensure a full range of support is available.
鈥淲e will also be exploring the possibility of securing a sale of the company鈥檚 assets and contract novation鈥檚 and would encourage any interested parties to contact us as soon as possible.鈥�
Got a story? Email news@theconstructionindex.co.uk
