An Aberdeenshire agricultural machinery firm has gone into administration with 24 members of staff made redundant.
As a result of cash flow issues, Balgownie Ltd and Balgownie Rentals Ltd, with premises in Inverurie and Turrif, have entered administration.
The company provides machinery to the agricultural, construction, and ground care industries in the North of Scotland.
It has a trading history as far back as 1907 and is known for its quality and outstanding customer service.
Mike Singer, managing director said: “The board of directors is deeply saddened to announce that we have had to make the difficult decision to appoint administrators to the company with immediate effect.”
Richard Bathgate and Graeme Bain of Johnston Carmichael LLP have been appointed as Joint Administrators.
Mr Bathgate said: “Unfortunately following the identification of cashflow difficulties, the board of directors has had to place both Balgownie Limited and Balgownie Rentals Limited into administration.
"This has resulted in 24 redundancies with 17 employees being retained to assist the Joint Administrators in marketing and selling the company’s assets.”
Employees are being supported and the Partnership Action for Continuing Employment (PACE) will be offering free advice and assistance to them.
Mr Bathgate said: “I would encourage any party who may be interested in acquiring the business and its assets to contact Neil Woodgreaves of Johnston Carmichael.
"This is an opportunity to acquire the business and assets of a highly respected, long-established business which operates at its wholly owned trading premises in Inverurie and Turriff, Aberdeenshire.”
