Glasgow-based construction specialist William Crawford & Sons has entered administration along with its parent company J&T Blacksmiths, which specialises in industrial and architectural steelwork, leading to the loss of 46 jobs.
Begbies Traynor has taken control of the business and its parent company, J&T Blacksmiths.
Joint administrator for Begbies Paul Dounis said that there had been “healthy interest” from potential buyers.
“We will continue trading to maintain and preserve goodwill, and would hope to be able to conclude a sale within four to six weeks,” he said.
Mr Dounis said that the companies developed cash flow problems as a result of the general market slowdown coupled with a slow reaction to the downturn.
He added: “We are unable to make any guarantees regarding how long jobs will remain viable until we secure a buyer for the firms, but we are making every effort to secure a return for the creditors and secure a future for the businesses and their staff.”
The companies worked together on construction and maintenance contracts, with J&T Blacksmiths specialising in steelworks.
J&T Blacksmiths was established in 1979 and provides steel works to major contractors and utility companies.