An Aberdeen oil service company has gone into receivership, resulting in 17 staff members being laid off.
Rising costs and unsustainable cash flow problems drove Aberdeen Fluid System Technologies (AFST) to the wall, according to receivers at FRP Advisory.
The business has ceased trading with immediate effect.
Iain Fraser, joint receiver and partner with FRP Advisory, said: “Despite the best efforts of the directors, who explored every option to secure a future for the company, it was clear that severe cash flow problems could not be overcome, and the directors decided to appoint FRP Advisory as receivers.”
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