Construction firm T&N Joinery Limited has gone into administration after suffering a shortfall in working capital.
But there have so far been no redundancies at the Lerwick firm, which employs 60 craftsmen, fitters and operational staff.
The company, which has premises in the Blackhill Industrial Estate, has appointed joint administrators James Stephen and Bryan Jackson of BDO LLP.
They aim to keep it trading while a review is undertaken. It is hoped a prospective buyer for the business can be found.
Mr Stephen said he believed the company, which installs windows, conservatories and stairs, still had a future. “T&N Joinery is a well-known and successful Shetland business with a strong reputation for craftsmanship, which has unfortunately been affected by a shortfall in working capital.
“Despite this, it has a reputation for quality, a strong order book and good prospects.
“As joint administrators, we will do all we can to keep the company trading as a going concern. We are interested in hearing from any prospective buyers for the business, and we will try to avoid making any redundancies in the immediate short term while we explore the options.
“We would like to thank staff for their patience and continued support at this time.”
Any prospective purchasers for T&N are being asked to contact the administrators in Glasgow.