Employees at 1STOPWIND in Paisley have been laid off as the company enters liquidation.
The Scottish wind turbine company has faced “severe cash flow challenges” leading to the loss of all jobs.
1STOPWIND, located in Paisley, has seen all its roles made redundant as liquidators have taken over the administration. James Fennessey and Blair Milne from the business advisory group Azets were appointed as provisional liquidators on December 16.
Nine positions have been terminated at 1STOPWIND, which specializes in the maintenance and repair of both offshore and onshore wind turbines.
The company had been suffering from the loss of crucial contracts and numerous delays in projects that were supposed to bring in revenue, leading to significant financial difficulties.
A spokesperson for the firm told STV News that 1STOPWIND faced numerous financial hurdles due to reduced trading activities.
Despite several attempts by the management to implement business improvement strategies to continue payments to employees and creditors, the loss of key contracts and project delays rendered the company unable to meet its financial obligations.
The appointed liquidators stated their role is to assist the employees with their claims to the Redundancy Payments Service and to protect the company’s assets while coordinating their sale to maximize returns for the creditors.
“Unfortunately, all nine employees at 1STOPWIND have had to be let go,” they added.
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