One of Britain’s biggest glaziers, AC Yule, has been put into administration with the loss of 211 jobs.
In its pomp in 2007, the 65-year old Scottish firm employed 460 staff and had a turnover of £37 million. At the time of administration, the headcount had shrunk to 272.
According to Blair Nimmo one of the joint administrators from KPMG, the firm had been hammered by a combination of falling orders and shrinking margins.
He said: “As a result of prolonged difficult economic conditions over the last three years, AC Yule & Sons Ltd sustained a reduction in its turnover together with considerable erosion in its margins.”
The directors had been forced to appoint administrators, he said. KPMG is now seeking a buyer for the firm, or for its assets.
“The directors proactively implemented a number of restructurings - both financial and operational - which involved significant additional share capital being injected,” said Nimmo.
“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.”
AC Yule is a glass processor, producer and installer of architectural aluminium products and PVC windows.
It provides products and services to joiners, glaziers and builders and also undertakes larger contracts for main contractors particularly on the architectural and aluminium side of the business.
AC Yule operates from its headquarters in Aberdeen together with sites at Elgin and Livingston. It also operated until recently from sites at Forfar and Boldon near Newcastle.
Blair Nimmo and Gary Fraser of KPMG were appointed joint administrators of AC Yule & Sons Limited (“the Company”) on 7 November 2011.