SHONA Campbell, an insolvency specialist at Henderson Loggie, is set to act as liquidator for a 60-year-old roofing firm which closed last week.
The directors of Dunfermline-based Braisby Roofing are applying to the court to appoint Campbell to wind up the 60-year-old firm.
The company was established in 1965 and has remained in the family since then.
But the firm’s trading performance suffered because of lockdown restrictions throughout the pandemic, and cash flow challenges due to late payments, rising costs, and significant six-figure bad debts.
The family also owns Kwikco Supplies a wholesale supplier of janitorial products, hand and power tools, fasteners and fixings and workwear.
Kwikco is unaffected by the decision to place Braisby Roofing into liquidation and continues to trade as usual.
The Directors wish to concentrate on Kwikco and are aiming to re-employ some of the 20 affected employees within the business.
William Braisby, managing director of Braisby Roofing and grandson of the founder, said: “Construction is a difficult business to be in right now and, like many companies, we have been severely impacted by Covid, which resulted in delays on projects where we were the principal contractor and significant bad debts from customers failing to meet their obligations.
“We have explored every option to continue trading but, regretfully, spiralling costs and shortage of materials coupled with unsustainable cashflow problems have led us to apply for voluntary liquidation. We will always be grateful for the support we have received from our loyal staff.”
Campbell, insolvency partner at Henderson Loggie, said: “The directors have reached a very difficult decision after facing up to many challenges.
“It’s sad when a long-standing business has tried to continue but has no option but to go into liquidation.
“I will work with the family to bring the affairs of the company to a close and provide guidance and support to ensure employees receive their full employment entitlements.”