A Scottish engineering company that collapsed with the loss of 119 jobs has been placed into liquidation.
It follows the earlier administration of the East Kilbride-based manufacturer that operated for nearly four decades.
Valve Components Limited, which was registered at Kelvin Park South Industrial Estate, worked with aerospace, oil, gas and petrochemical industries including equipment engineering, prototype testing and project management.
The company, which had been loss-making for some time, was placed into administration in 2024. At the time, 25 workers were kept on for a “managed wind down” over a period of three months.
Michelle Elliot and Allan Kelly, of FRP Advisory, were appointed as administrators two years ago, and have now been named as liquidators, according to filings on September 22.
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An earlier administrators' report stated: “The company had been loss-making for a number of years and had recently been operating with severe cashflow restraints. Loss-making contracts and a reduction in orders resulted in significant financial pressure.
“Despite the efforts and discussions with interested parties it did not prove possible to achieve a sale of the company's business and assets either as a going concern or by a pre-pack sale."
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It added: “One interested party submitted an offer to purchase part of the business and certain assets. However, the offer was predicated on the support of a key customer and commitment on a new forward order book. It was not possible for the key customer to provide commitment on new orders, therefore the party did not proceed with their offer.”
The most recent administration update report showed that an agent was engaged to complete a market and sale process of the company's plant and equipment which remained on site via an auction.
Total realisations received during the administration period were worth £2 million. A sum of £517,186 was repaid to finance companies in respect of outstanding payments on lease hire equipment.
The administrators said a total of £728,820 has been recovered from outstanding debtors since the date of appointment.
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