Glasgow truck and trailer repair specialist Colin Hutton Limited has gone into liquidation with the loss of 50 jobs in the city.
The specialist haulage repair business was founded by Colin Hutton in 1977 and had been run by his daughter Corrine and the management team for several years following an MBO.
The board of directors petitioned the court to liquidate the company and liquidators Ken Pattullo and Scott McGregor of Begbies Traynor were appointed on July 26, 2011.
All but two of the employees, who will remain to assist liquidators with selling the assets of the business, were made redundant immediately.
The business had suffered a dramatic fall in trade over recent years as rising fuel prices and reducing road haulage levels hit revenues at the £2.8m turnover firm (year ending 2010).
The business occupied a 4.5 acre site on Stronend Street with over 60,000 sq ft of workshops, although liquidators advise that with mostly leased vehicles and premises there is likely to be a large shortfall in funds realised from the debtor book and sale of assets.
“Regretfully we were unable to try and trade this business to sell as a going concern. The debts were on such a scale, and the on-going trade levels were so low that it was simply not viable in its current guise,” said Pattullo.
“The business had traded well for over 30 years, but the economic downturn, and continued falling revenues from the commercial vehicle sector led to the firm’s failure.”
The liquidators have appointed Glasgow based industrial auctioneers Sweeney Kincaid to market the company’s tangible assets that include some vehicles, plant, machinery and tools.