Joint administrators, Ken Pattullo and Kenny Craig of Begbies Traynor, commenced a sales process shortly after their appointment on 6 February 2024.

Negotiations were held with several potential buyers, but the sale could not proceed due to challenges within the existing business cost model.

A joint statement by Begbies Traynor partners Thomas McKay, who is also assisting in the administration, and Mr Pattullo, said: “Unfortunately, the company has ceased trading and the administrators’ priority is to continue to provide all employees with all necessary assistance to advance their redundancy claims and work with the Redundancy Payments Service.

“We have also engaged with the department of Skills Development Scotland’s Partnership for Continuing Employment (PACE), to ensure all employees have the required support available to them.”

They added: “The administrators and their agents are in the process of realising the company assets to maximise value for the creditors of the company.

“The haulage sector continues to have challenges that are sector wide, including high fuel and related costs, often carrying legacy debt/tax arrears, whilst competition for new orders and work is fierce. The net impact is low profit margins which will inevitably impact on cash flow.”