Tue, 08 Nov 2011 | ADMINISTRATION
Scottish glazing firm, AC Yule, has called in administrators after suffering deteriorating finances over the last three years.
The company has appointed administrators from KPMG to handle the administration, and they have commenced a search to find a buyer for the company. The company had a staff of 272 but 211 have been made redundant by the administrators.
The specialist window manufacturer was first founded in 1946, and made a business supplying glass, architectural aluminium and PVC windows for construction projects throughout Scotland and the north of England.
At the peak of its business in 2007, the company employed 460 people and had a turnover of £37 million. It has been hit hard by the poor economic climate, however, and had closed its operations in Forfar and Boldon near Newcastle in recent years, leaving just its bases in Aberdeen, Elgin and Livingston remaining.
KPMG's Blair Nimmo said that company had seen a steady erosion of its margins in the last few years, leaving the directors with little choice but to take action.
"The directors proactively implemented a number of restructurings - both financial and operational - which involved significant additional share capital being injected," he explained. "Unfortunately, despite these actions, losses continued to ensue, which led to the directors concluding that they had no option other than to seek the appointment of administrators."
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