COWDENBEATH-based structural steel fabricator Rippin Limited has gone into administration, with the loss of 25 jobs.
The company experienced cash flow difficulties due to a “significant downturn in orders in recent months”. Customers were also withholding payment as a result of contractual disputes. Established in 1974, the firm operated across Scotland and the north of England.
Blair Nimmo and Alistair McAlinden of KPMG have been appointed as joint administrators.
The joint administrators are now working through a wind down of the company’s operations and are seeking offers for the principal assets comprising stock and plant equipment.
Blair Nimmo, joint administrator and KPMG’s global head of restructuring commented, “In light of challenging trading conditions and significant cash flow difficulties, Rippin was unable to continue trading.
“This, unfortunately, resulted in the redundancies which have been announced today. We will be working with all affected employees and the relevant government agencies to ensure the full range of support is available.”
He added, “We will also be exploring the possibility of securing a sale of the company’s assets and would encourage any interested parties to contact us as soon as possible.”