A joinery specialist based in Scotland plunged into liquidation this week. Ltd, which traded as Oastler, has ceased trading with the loss of all 23 jobs after more than 160 years in business.
The Dundee-based firm, founded in 1863, provided joinery services for residential and commercial clients, including refurbishments and the bespoke design and manufacture of furniture, windows and doors. Bosses blamed spiralling costs and “lower levels of housebuilding” after the company suffered sustained losses over the past three years. Directors had attempted to stabilise the business as trading conditions worsened, but were ultimately unable to turn things around. Joint provisional liquidators James Dewar and Alistair McAlinden from Interpath were appointed on April 21 and will now wind down the firm’s affairs.
A spokesperson said: “In common with a number of other companies operating across the building and construction supply chain, the company had experienced challenging trading conditions in recent years, exacerbated by rising input costs and lower levels of housebuilding activity.
“In response, the director of the business took various steps to address trading performance but was ultimately unable to turnaround the company’s financial position. As a result, he was left with no option but to place the company into liquidation.
“The company has now ceased to trade and regrettably, all of the company’s 23 employees have been made redundant.
"The joint provisional liquidators will be providing all available support to them as a matter of priority, including supporting employees with claims for monies owed to the Redundancy Payments Service.”
The business had worked on a range of projects across the North East over the years, with clients including The Royal and Ancient Golf Club of St Andrews, DC Thomson and the Hampton by Hilton, highlighting its long-standing presence in the region.
The shutdown marks the latest blow for Scotland’s struggling business landscape, with 98 firms falling into insolvency in February alone, according to the Insolvency Service.
A recent case saw Alastair Dick Tarmac Ltd collapse into administration after suffering cash flow problems which left it unable to meet payments to creditors.
A petition to place the Kilmarnock-based road surfacing firm into administration was presented at Kilmarnock Sheriff Court, with Kevin Mapstone appointed to handle the process.
The firm, founded in 2013, was unable to continue trading after financial pressures meant it could no longer meet payments to creditors
That announcement in March came after construction activity fell at a faster rate in February than January, with the Purchasing Managers’ Index (PMI) dropping to 44.5 from 46.4, according to S&P Global.
Any reading below 50 signals contraction, highlighting a continued downturn in the industry.
Alistair McAlinden, head of Interpath in Scotland and a joint provisional liquidator for Oastley, said: “The headwinds facing companies across the construction and adjacent sectors have placed significant pressures on the business.
“Continual losses incurred over the last three years have ultimately meant that the Company had no option but to cease trading.
“We will now commence the process of winding down the companies’ affairs, while also providing support to Oastler’s dedicated team in the wake of their redundancy.
“Should anyone have an interest in the business or assets, please contact the joint provisional liquidators’ team as a matter of urgency.”
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