Craig Morrison and Ian Wright, managing directors and insolvency practitioners at advisory firm Quantuma, were appointed as liquidators to Royal Oak Tree Services on March 25.
A statement noted that while the arborist and tree surgery specialist focused on forestry work, it also had a contract worth around £1 million with Amey for grass verge cutting.
READ MORE: Dundee firm Baba’s Sauce secures breakthrough deal with Aldi
The liquidators said although the contract had been loss-making, directors had recently managed to resolve the issues and were confident of generating enough cashflow to meet creditor obligations. They were also in the process of agreeing payment plans.
However, in March, pressure from creditors disrupted the firm’s ability to service its major contract, leading employees to walk off site.
Mr Morrison said: “It is deeply regrettable that Royal Oak Tree Services has been forced to cease trading, due to a series of challenging circumstances. A combination of cashflow related challenges has seen the business unable to continue. As joint liquidators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected.”
www.heraldscotland.com
https://www.heraldscotland.com/news/24257371.staff-made-redundant-royal-oak-tree-services/
