NRS goes into administration

Grant Prior 3 months ago
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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 business has ceased trading with immediate effect and 45 staff have been made redundant with two retained to assist in the short term with the administration process.

Michelle Elliot, partner and joint administrator 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.”

“We will now market the business and assets of the business for sale and would encourage any interested parties to make contact as soon as possible.

“We will also ensure the employees receive every assistance to register any claims that they may have with the Redundancy Payments Office (RPO) and with accessing support services from PACE and other government bodies.”

Recent Scottish projects include the St Andrews Cross substation in Glasgow, Seagreen Offshore wind farm off the Angus coast, Hunterston substation, Sauchiehall Street civil engineering works and electricity substations in Wishaw and Glenlee.

As work was stopped on sites it is understood that all the company’s plant and equipment was removed from jobs.

One self-employed worker said: “We all feel shafted by what has happened.

“A lot of site workers and suppliers have been helping them out when it was obvious they were going through a tough time then bang – sites are shut and all their kit is spirited away leaving us all out of pocket.”

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