One of Scotland’s oldest ship building businesses has entered administration, with joint administrators Iain Fraser and Tom MacLennan appointed from RSM Tenon.
Buckie Shipyard Limited, founded in 1903, had suffered severe cash flow problems stemming from unsustainable costs, a marked contraction in demand and intensive price-led competition.
Fraser and MacLennan will wind down and then close the business, while marketing its assets for sale.
Fraser said: “The directors and staff have worked long and hard to secure a future for the company, however, the financial pressures meant that administration was the only option.
“It is therefore with great regret that 68 jobs have been made redundant with immediate effect, with the balance of 6 being retained in the short term to assist with the winding down process.
“We will now market the assets of the business for sale.”
Buckie Shipyard provided services for the design, build, refurbishment and maintenance of boats and marine vessels. The company employed 74 staff and its latest turnover was around £3m.
Recent clients included the RNLI, MOD, Orkney Ferries and Harbours, Scottish Sea Farms, Windcat and Talisman Oil.
The business had recently diversified into the offshore wind industry, offering engineering, repair and maintenance services, and had supplied aluminium catamarans to Turbine Transfers for offshore work in Belgium.