A renewables company has gone bust leaving nine people jobless in the run up to Christmas.
1STOPWIND, which offered wind turbine repair and maintenance services throughout the UK, Europe and across the globe, has appointed liquidators for the business.
The Paisley-based firm has gone under after “experiencing a number of severe cash flow challenges due to a decline in trading activity.”
Workers were allegedly blindsided by the news, only becoming aware of the severity of the firm’s troubles when they were called into a meeting this week and told their contracts were being terminated.
A source close to the company, who asked not to be named, said: "It is a massive renewables company within the wind industry and this has left a lot of employee and subcontractors out of work and not knowing if they are going to be paid.
"This includes technicians on ground and office staff.
"Suppliers will also not have their machines serviced for the festive period."
Accountancy and business advisory group Azets have been appointed liquidators to the firm and will help employees with their entitlement claims to the Redundancy Payments Service.
They will also work to safeguard the company’s assets while they arrange their sale to maximise the return to the company’s creditors.
A spokesperson for accountancy and business advisory group Azets said: “1STOPWIND experienced a number of severe cash flow challenges due to a decline in trading activity.
“Despite the management team undertaking several business improvement initiatives to enable continued payments to employees and creditors, the loss of key contracts and several delays to revenue generating projects have led to the company being unable to pay its debts as they fall due.
“There were nine employees at 1STOPWIND, all of whom have regrettably had to be made redundant.”
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