FRP Advisory have been appointed joint administrators of Livingston-based NRS UK which employed 47 staff and had a turnover of £33m. FRP said the administration has been caused by spiralling supply chain costs in 2022 magnified by severe losses stemming from fixed price contracts, resulting in recent unsustainable cash flow and financial problems.
The Livingston outfit, recently active in renewables including work on the Seagreen offshore wind farm, has ceased trading with immediate effect with 45 employees made redundant. Two staff members have been retained to assist in the short term with the administration process, which is being overseen by partners from FRP Advisory.
The business, founded in 2010, and its assets will now be put up for sale.
FRP partner and joint administrator Michelle Elliot said: “NRS UK is an established and highly regarded civil engineering and energy construction specialist with an impressive portfolio of projects across Scotland and England. The business has been exposed to the well-documented problems of surging costs affecting supply chains and from fixed price contracts that resulted in involuntary losses. Despite the best efforts of the sole director, the business faced a range of cash flow challenges in recent weeks due to these issues and could not continue trading.”