KPMG Restructuring was appointed yesterday as joint administrators of the Corsie Group, a week after the former Commonwealth gold medallist Richard Corsei announced his resignation from the company.
Eight employees will be made redundant from the company, based in Haddington, near Edinburgh, which has an annual turnover of £3.9m, according to The Herald.
KPMG said the Corsie Group had suffered from cash flow pressures, stemming partly from difficult trading conditions and a write down in stock levels.
‘The joint administrators are currently examining the company's affairs, although it is too early at this stage to confirm the likely outcome for creditors,’ it said.
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