Xtreme Business Solutions Limited, the Aberdeen-based specialist supplier of cabling infrastructure and networked wireless systems and services, has been placed in administration with Iain Fraser and Tom MacLennan, partners with FRP Advisory LLP, appointed joint administrators.
Founded in 2003 and with offices in Aberdeen and Dalgety Bay in Fife, Xtreme Business Solutions had become one of the leading cabling systems contractors in the North and East of Scotland, winning contracts across the public and private sectors.
Clients included Trump International Golf Links, Network Rail, University of St Andrews and William Grant & Sons. The company provided a full end-to-end service, from design and consultancy through to installation, servicing and maintenance. Turnover was around £2m.
The administration was caused by rising costs and falling margins, leading to unsustainable cash flow issues. The joint administrators will be marketing the company assets for sale, including vehicles, access platforms and work in progress.
The business has ceased trading with immediate effect, resulting in all 50 staff being made redundant.
Commenting, joint administrator Iain Fraser, partner with FRP Advisory LLP said: “Xtreme Business Solutions was an established, respected operator in the specialist cabling sector. Unfortunately, the financial issues facing the company could not be resolved and administration was the only option. We will work closely with all agencies such as the Redundancy Payments Office to ensure employees receive every support and assistance at this very difficult time”.