40 jobs lost as Invergordon firm goes into administration

INVERGORDON-based timber modular building specialist CLDB Limited has gone into administration, with 40 employees being made redundant.

Trading under the name Carbon Dynamic, the firm designs low energy, highly insulated buildings and takes on contracts ranging from one module to more than 70.

Blair Nimmo and Geoff Jacobs of KPMG LLP have been appointed as joint administrators. The administrators said that, having invested around £1.3million in research and development to develop the modules since the company’s inception in 2012, Carbon Dynamic’s turnover grew to £3 million in the year to May 2018, and was expected to reach £6 million by May 2019.

The administrators added that despite significant R&D investment, “underfunding” in other areas of the business meant the company ran into trading and cashflow difficulties as it was nearing completion of a major project for the construction of 78 modules.

Two staff have been retained to assist the administrators as they seek offers for the firm’s business and assets.

Blair Nimmo, joint administrator and KPMG’s global head of restructuring said, “Unfortunately, Carbon Dynamic was unable to continue trading in light of challenging conditions and significant cashflow difficulties. This has, in turn, resulted in the redundancies which have been announced. We will be working with all affected employees and the relevant government agencies to ensure a full range of support is available. We are rapidly exploring the possibility of securing a sale of the company’s business and assets and would encourage any interested parties to contact us as soon as possible.”