Livingston-based civil engineering company NRS UK has appointed administrators.
The business also provided construction and power solution services to a range of private and public sector clients. Recent Scottish projects included the St Andrews Cross substation in Glasgow, Seagreen Offshore wind farm off the Angus coast, Sauchiehall Street civil engineering works and electricity substations in Wishaw and Glenlee.
Founded in 2010, NRS UK employed 47 staff and had a turnover of £33m.
The administration has been caused by spiralling supply chain costs this year, magnified by losses stemming from fixed price contracts, resulting in recent unsustainable cash flow.
The business has ceased trading with immediate effect and 45 staff have been made redundant, with two retained to assist in the short term with the administration process.
Michelle Elliot, partner and joint administrator at FRP Advisory, said: “NRS UK is an established and highly regarded civil engineering and energy construction specialist with an impressive portfolio of projects across Scotland and England.
“The business has been exposed to the well-documented problems of surging costs affecting supply chains and from fixed price contracts that resulted in involuntary losses.
“Despite the best efforts of the sole director, the business faced a range of cash flow challenges in recent weeks due to these issues and could not continue trading.”
FRP will now market the business and assets for sale has encouraged any interested parties to make contact as soon as possible.
“We will also ensure the employees receive every assistance to register any claims that they may have with the Redundancy Payments Office and with accessing support services from PACE and other government bodies,” added Elliot.
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