Joint receivers Blair Nimmo and Neil Armour blamed ‘financial constraints’ on the buy-out team for the foundering of their attempts to sell Rothienorman-based Fraser Manufacturing as a going concern. The bid had been led by Pat McRobbie, the company’s general manager.
KPMG said the plant and equipment would now be put up for auction on by Thainstone Auctioneers in September.
Nimmo, head of KPMG corporate recovery in Scotland, said 34 of the 43 staff would be made redundant immediately. The rest will complete a number of orders before sharing the same fate when the business closes its doors in a fortnight.
‘This is a great disappointment to the KPMG Corporate Recovery team as we have been successful in selling other subsidiary businesses including that of George Sellar & Son,’ he said.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children