Glasgow-based Land Engineering (Scotland) has collapsed with the loss of 135 jobs.
Joint administrators Colin Dempster and Andrew Davison at EY said the civil engineer’s construction business had struggled financially in an increasingly competitive market.
However, 249 jobs have been transferred to idverde Limited after the company’s business and assets were sold for an undisclosed fee shortly after the appointment of EY’s restructuring team on May 30.
Davison said: “The market has become increasingly competitive for the company and has impacted on its profitability, particularly in relation to the company’s construction business. Various options have been explored by the directors to address these challenges.
“Unfortunately none of these options were ultimately successful and the directors therefore took the decision to appoint Administrators to help safeguard elements of the business. This has been achieved through the sale we have completed to idverde.
“While it has been possible to save more than 60 per cent of the total jobs through this sale, it is with regret that redundancies had to be made in relation to the remainder of the company’s business.