A shipbuilding business that dates back 110 years has gone into administration, with the loss of almost 70 jobs.

Buckie Shipyard Limited, one of Scotland's oldest specialist shipbuilding firms, was said to have suffered severe cashflow problems as a result of unsustainable costs, a marked decline in demand and intense competition in the industry.

Joint administrators Iain Fraser and Tom MacLennan will first wind down the Moray-based business before closing it, while selling off the company's assets.

Buckie Shipyard employs a total of 74 people and the latest figures showed it had a turnover of £3 million.

The company designed and built ships, as well as carrying out refurbishment and maintenance work, with recent clients includes the Ministry of Defence, the Royal National Lifeboat Institution and others.

As well as that, it had recently diversified its business into the off-shore wind energy industry.

Mr Fraser said Buckie Shipyard's staff and directors had "worked long and hard to secure a future for the company" but added: "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 six being retained in the short-term to assist with the winding-down process.

"We will liaise with relevant organisations to provide staff with as much support as possible with the redundancy process. We will also now market the assets of the business for sale."