Daviot described itself as 鈥榓 leader in power cable installation and civil engineering infrastructure鈥�.
Gordon MacLure, restructuring partner at accountancy firm Johnston Carmichael, has been appointed provisional liquidator. Mr McClure told Aberdeen鈥檚 Press and Journal that cashflow problems were to blame for the failure.
鈥淭he business was in the process of completing the final stages of a number of cable-laying contracts,鈥� he said. 鈥淚t had been hoped that through negotiations with main contractors it could continue to operate until at least the end of the year. However, this was not possible.鈥�
Latest company accounts show a pre-tax loss of 拢2.3m for 2016 on turnover of 拢18.9m, compared to 拢970,000 profit in 2015 on turnover of 拢25.5m. Daviot Group Holdings lost 拢3.5m before tax last year.
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