An Ayrshire interior design firm responsible for breathing life into Rugby Park and the Gaiety Theatre has gone into liquidation blaming "significant" bad debts owed to the company and slow payments from clients.
Worksmart Contracts told devastated workers they were out of a job on Friday with up to 35 roles lost at the Kilmarnock business.
The recession, Covid and Brexit played a role in the company's downfall too along with the rising cost of materials, labour and fuel, a statement confirmed.
Delivering more than £100 million worth of work in their 20 years in the industry, the firm specialised in fit-out and refurbishment work across the UK.
Worksmart, owned by Steve and Lisa Nielson, worked on high-end projects including London's famous Gherkin building, the OVO Hydro in Glasgow and the University of Edinburgh.
First Minister Nicola Sturgeon also lavished praise on the firm, based in the town's Bank Street, for their 'innovative' transformation of Scotland House in London.
They were also awarded more Scottish Government work in Belgium's capital, Brussels, where another office fit-out of Scotland House took place.
One devastated worker told the Kilmarnock Standard on Friday: "Today they announced voluntary liquidation and everyone is now out of a job.
"Right out the blue and no clue it was going to happen. Gutted.
"They couldn’t win work. All other companies in the same field are thriving.
"[It] was a smashing well-run company. Shame. The were a great company for employment in the area. Lots of folk out of work today."
More locally, Worksmart was responsible for the expansion and refit of The Park Hotel, along with The Killie Club, The 1869 Function Suite and two hospitality lounges at Rugby Park.
NHS Ayrshire & Arran also used their services along with Ayrshire College and Ayr's famous Gaiety Theatre had their box office, restaurant and auditorium revamped.
Worksmart posted a statement from directors announcing liquidation on their Facebook page, which has now been deleted.
But the post remains on their LinkedIn page.
It reads: ''Over the past few years, Worksmart as a business has been challenged by several external factors, including recession, Brexit and more recently the ongoing Covid pandemic.
"The consequences of these external factors have resulted in persistent cost increases for the business, including in materials, labour, utilities and fuel, resulting in the highest Inflation rate in over forty years.
"This increase in business operating costs has been coupled with recent National Insurance and tax increases. The business has also had to cope with significant bad debts owed to us and in general, slow payments from some clients in the recent months.
"In parallel to the cost increases, the business’ revenue has been affected by numerous and consistent client delays, that has affected our ability in starting new project work.
"Workload has stagnated in recent months as a result. With the ongoing uncertainty in the general economy, we foresee this trend continuing and our work streams being further reduced and delayed.
"As a result of these factors and despite our continued efforts, we have taken the step as responsible people, to appoint a liquidator to help manage the situation. Worksmart has secured and delivered over £100 million of successful projects over twenty years and we have done our very best in delivering these projects for our clients.
"We have invested in our team, our business, our industry, our local supply chains and our local communities throughout. The directors are devastated in having to make this decision.''
Don't miss the latest Ayrshire headlines – sign up to our free daily newsletter here
