Apex Traffic Management has been placed into administration, causing the loss of 119 jobs across job sites in England and Scotland.
Based in the Scottish town of Uddingston in Lanarkshire, the road signage and barriers provider ceased trading after a petition by its directors to Hamilton Sheriff Court, according to the BBC.
The firm mainly provided traffic services and control equipment for roadworks for customers such as Transport Scotland, National Highways and Amey Construction.
It recently expanded its offering to provide traffic management services to private venues, including horse race tracks and the 2024 Royal Troon Open golf championship.
Kenneth Craig, partner at insolvency practitioner Begbies Traynor, and Kevin Mapstone, the firm’s director, were appointed as joint administrators on 21 August and will oversee the staff consultation process.
They will also oversee the liquidation of the business and any associated assets, with the assistance of fellow partner Thomas McKay.
Mr McKay told the BBC: ‘Tightening margins, slower debt recovery and resulting cash flow challenges, as well as increased costs of trading, especially higher minimum wage and employers’ national insurance contributions, had led to the firm being unable to meet its ongoing obligations and the business was simply not viable.’
He added that he and the joint administrators ‘are working closely with all [Apex Traffic Management] customers’ to help ensure that they can find alternative suppliers for any ongoing projects to ensure ‘safe operation of the highways’.
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