Specialist sports turf contractor Souter Sports Ltd has fallen into administration with the "majority" of its 47 staff made redundant.
Joint administrators Paul Dounis and Steve Ross of RSM Restructuring Advisory were appointed on 3 November.
The company, which provided construction, reconstruction, drainage, aeration and maintenance services to sporting venues across the UK, employed 47 employees across its sites in Cumbernauld and Knutsford, Cheshire.
Increased competition from artificial pitches and "creditor pressure" forced the directors to call in administrators.
Joint administrator Paul Dounis said: 'Following a difficult trading position, measures have been taken to protect assets and maximise realisations for creditors through the administration process.
"Regrettably due to viability and the seasonality of work, we have had to make the majority of the work force redundant and we are assisting all employees with their claims.
"We have however retained a small number of employees to complete certain high-profile contracts and to assist the Administrators in their duties.
"The business has a strong pipeline of projects for next year and we would invite any interested parties to get in touch."
Companies House records show Souter Sports accounts for the 2016 year to June have been overdue since 31 March.
The most recent accounts, covering the 2015 year to June, show turnover had grown 42 per cent in the year to £9.7 million, reversing a loss in the 2014 year to book a pre-tax profit of £540,512.
The company had noted in 2015 accounts £2.65 million in debt was falling due within one year, including £1.2 million to trade creditors, £479,849 in tax and social security and £318,000 in "factored debt" (2014: nil) secured over related debtor balances.
Net debt as of June 2015 rose to £1.27 million (2014: £757,464).
The company noted it employed 66 staff at the end of the 2015 financial year, up from 64 in 2014, though the wage bill jumped from £1.96 million in 2014 to £2.79 million in 2015.
If you would like to read the original article please visit HERE.