LIVINGSTON-based NRS UK, which employs 47 staff and has a turnover of £33 million, has entered administration and ceased trading with immediate effect.
Michelle Elliot and Stuart Robb, partners with FRP Advisory, have been appointed joint administrators for the company, which provides construction, civil engineering and power solutions services to a range of private and public sector clients.
Recent Scottish projects include the St Andrews Cross substation in Glasgow, Seagreen offshore wind farm off the Angus coast, Hunterston substation, Sauchiehall Street civil engineering works, and electricity substations in Wishaw and Glenlee.
Founded in 2010, NRS UK’s administration has been caused by ‘spiralling supply chain costs’ this year magnified by ‘severe losses stemming from fixed price contracts’, which the administrators said resulted in ‘unsustainable cash flow and financial problems’.
45 staff have been made redundant with two retained to assist in the short term with the administration process.
Michelle Elliot said, “NRS UK is an established and highly regarded civil engineering and energy construction specialist with an impressive portfolio of projects across Scotland and England. The business has been exposed to the well-documented problems of surging costs affecting supply chains and from fixed price contracts that resulted in involuntary losses. Despite the best efforts of the sole director, the business faced a range of cash flow challenges in recent weeks due to these issues and could not continue trading.
“We will now market the business and assets of the business for sale and would encourage any interested parties to make contact as soon as possible. We will also ensure the employees receive every assistance to register any claims that they may have with the Redundancy Payments Office (RPO) and with accessing support services from PACE and other government bodies.”
