More than 200 Lanarkshire jobs have been lost with immediate effect after Dawnfresh Seafoods entered administration.
The Uddingston -based fish factory had suffered from rising costs, overcapacity and unsustainable cash flow problems.
The company say that administration was the only option left as the local facility in Bothwell Park Industrial Estate closes with immediate effect.
It has resulted in 200 redundancies, with 77 staff being retained to assist the joint administrators in the winding up process.
The firm said its joint administrators, Tom MacLennan, Callum Carmichael and Michelle Elliot - partners with FRP Advisory - will "provide every assistance" to those affected, including helping with redundancy payment claims and accessing third party support services.
The assets of the Uddingston site, which includes the land, buildings and plant, will be marketed for sale and interested parties should also contact FRP Advisory.
Dawnfresh Holdings Limited, Dawnfresh Seafoods Limited and R R Spink & Sons (Arbroath) Limited one of the UK’s largest producers and processors of fish and seafood.
Founded in 1973 and headquartered in Uddingston, the business operates seven fish farms across Northern Ireland and Scotland with production and processing facilities in Uddingston and Arbroath.
The company supplies a wide range of retail, wholesale, food service and export market clients with a fully integrated range of services, from fish processing and supply through to the creation of high value branded products such as RR Spink & Sons and Loch Etive.
In recent years the business has benefited from extensive investment to upgrade the plant and systems, improve efficiency and reduce costs.
However, despite best efforts to affect a turnaround, the business has continued to suffer from a number of issues and was "heavily loss-making", resulting in today's decision.
Following a short marketing exercise to find a buyer, the joint administrators have secured a sale of the Arbroath facility to Lossie Seafoods Limited as a subsidiary of Associated Seafoods Limited in a deal that includes the transfer of all 249 staff to the new owners.
The subsidiary business Dawnfresh Farming Ltd will continue trading solvently. The business is being marketed for sale and interested parties are invited to contact FRP Advisory as soon as possible.
Commenting, Callum Carmichael, partner with FRP said: “Dawnfresh is a high profile and highly regarded seafood business with a long tradition of supplying innovative products to a blue-chip customer base.
"Unfortunately, the business has been unable to overcome very serious financial problems at the Uddingston facility, but we are pleased to have secured a prompt sale of the Arbroath facility in a deal that will also preserve substantial employment in the town.
"Our focus is now on finding a buyer for the farming business whilst also realising as much value as possible from the other assets for the benefit of creditors.”
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