Attempts to find a rescue package for ailing building firm Farquhar & Jamieson have failed to bear fruit.
The long-established construction company has gone out of business just days after six members of staff were paid off.
Hopes for the company’s long-term future had hinged on 11th-hour discussions last week. However, on Friday chartered accountants Campbell Dallas of Paisley were appointed provisional liquidators. The move followed what has been described as a downturn in the construction industry.
Provisional liquidator Derek Forsyth said it had emerged Farquhar & Jamieson was in no position to continue trading. Attempts would be made to recover the company’s assets to help pay back creditors.
Mr Forsyth said: “The background to this is the directors realised last week that they were having financial difficulties, caused by the downturn in the construction sector. We had a meeting with them and it emerged liquidation was the only way forward for them.
“The company had laid people off, but latterly there were between 16 and 20 people working for them – a number of those being sub-contractors.”
He said the company’s plight told a “very typical story” of how new business was currently hard to come by in the building sector, adding that in its latter stages the company only had one contract. The downturn in its operations was exacerbated by the prolonged winter which caused delays.
Launched in 1967, the firm has made a name for itself over the years, mainly carrying out building projects in the South Mainland. It was recently contracted to build 20 new homes in the area for Hjaltland Housing Association.
“The directors had done their best and invested quite heavily in the company, but it got to the point they were not able to carry on,” Mr Forsyth said.
Adding he had been given a list of creditors he urged anyone who thinks they may be owed money to contact his office in Paisley.
“Our job is to try to recover as many assets as we can and release them for the benefit of creditors. The company owns its workshop and one or two plots as well as plant and equipment.”