Barely a month after going into receivership, equipment supplier McMillan has ceased trading with the loss of 140 jobs and debts thought to be close to£2m.
Since KPMG was called in (Broadcast, 6.11.03), there has been an attempted management buyout (MBO) and several inquiries from interested parties, but no sale.
KPMG spokesman Blair Nimmo said: "The receivers pursued a number of expressions of interest in the business. Having explored all avenues it has not been possible to conclude a sale. Therefore, it is with regret that 41 staff across McMillan's 10 offices will be made redundant."
The rest of the staff will be let go through what KPMG is terming "a series of smaller scale redundancies/natural wastage".
An attempted MBO was led by McMillan sales and marketing director Gary Langlands.
He now intends to form a new company to serve ex-McMillan clients and stressed that he was never on the board of the company.
Nimmo said that the decision to close the business was "a blow, but in view of ongoing trading losses we have no alternative".
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