Scottish landscaping and civil engineering firm Land Engineering has entered administration resulting in the loss of 135 jobs.
EY was appointed administrator for the Glasgow-based contractor on Tuesday, with the company blaming an increasingly competitive market, particularly in its construction business, as the reason for its financial difficulties.
Almost 250 employees were working on contracts across Grangemouth, Craighouse and Quartermile when it entered administration.
The firm said 135 people have now been made redundant and ten were being kept on to assist the administrator.
The remaining workers have been transferred to landscaping and maintenance firm Idverde, which has bought parts of Land Engineering including its winter maintenance division.
The administrator said it is welcoming offers from companies interested in buying the remaining parts of Land Engineering.
Land Engineering was founded in 1983, and worked on a number of projects used at the 2014 Glasgow Commonwealth Games including the Chris Hoy Velodrome and Commonwealth Arena.
According to the last accounts posted for Land Engineering on Companies House covering the year to August 2015, the company made a pre-tax profit of £156,000 and posted turnover of nearly £43m.
EY joint administrator Andrew Davison said: “The market has become increasingly competitive for the company and has impacted on its profitability, particularly in relation to its construction business. Various options have been explored by the directors to address these challenges.
“Unfortunately none of these options were ultimately successful and the directors therefore took the decision to appoint administrators to help safeguard elements of the business. This has been achieved through the sale we have completed to Idverde.”
“While it has been possible to save more than 60 per cent of the total jobs through this sale, it is with regret that redundancies had to be made in relation to the remainder of the company’s business.
“We are doing all that we can to assist these members of staff to make their relevant claims and are providing them with access to impartial advice to help them face the future.”