Building firm McGill folds with loss of 374 jobs
Dundee-based building services contractor McGill has gone into administration with the loss of 374 jobs.
Staff were told the news at meetings in Dundee, Edinburgh and Glasgow.
The company, which serves clients in the residential, industrial and commercial sectors, has its headquarters in Dundee's Harrison Road.
The company's remaining 55 employees have been retained to assist joint administrators KPMG.
McGill has operated since 1981 and made a pre-tax profit of £772,218 in the year to September 2017.
'Challenging trading conditions'
KPMG said the company had suffered from "challenging trading conditions" in recent years and had encountered disputes and delays in payment for a "number of significant projects".
It said the company had developed a business turnaround plan and had approached a "number of parties" to secure additional funding.
KPMG said that when the firm was unable to secure this funding its "only option" was to be placed into administration.
Joint administrator Blair Nimmo of KPMG said: "We will do everything we can to seek a buyer who may be able to protect some of the business and maximise recoveries for creditors.
"We would encourage any party who has an interest in acquiring any part of the business and its assets to contact us as soon as possible.
"We will be working with employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected."
A Partnership Action for Continuing Employment (Pace) meeting, which aims to help those facing redundancy, has been scheduled for next week.
Unite union regional industrial officer George Ramsay said the decision was a "devastating blow" to the workers, especially in Dundee.
He said: "The reality is that there are no sizeable building firms left in Dundee that can take up the slack which means a lot of workers will end up working away from home, if work can be found.
"Unite will be establishing meetings with the workforce to do all we can to assist them including helping to find them another job where this is possible."