A Moray fuel distributor has gone into liquidation.
Caley Oils Ltd fell into receivership last week, but last night bosses confirmed redundancies had been kept to a minimum – with staff being transferred to parent company Northern Oils.
Northern Oils, based near Cullen, acquired the firm in 2012 and said at it had an annual turnover of £12.2million.
But, in the last published director’s report for the year ending December 31, 2013, the company’s gross profitability was down 2%.
And with debts of £3,795,841, the profit for that year – after taxation – amounted to just £482.
Last night David Wood, chief executive of Northern Isles, said Caley Oils was being wound up as part of a restructuring process. He added that about 40 UK-wide jobs associated with the business had been transferred to the parent company last Friday.
Mr Wood said: “Following the acquisition of Caley Oils Limited three years ago, that business is now being wound up and much of the activities will be absorbed by other entities.
“The Northern oils branded portfolio of companies continue to look at new opportunities and to continue with their current operations across the UK.
“In particular, it is anticipated that investment in additional tonnage will result in an expansion of Northern Oils maritime bunkering operations in UK coastal waters.”
Gordon MacLure and Ewen Alexander, of Johnston Carmichael, have been appointed joint-administrators of the company.
Buckie councillor Gordon Cowie said: “Caley Oil Limited is part of the Northern Oils company and I think they have transferred a lot of jobs over to the Lintmill site at Cullen.
“That’s what matters. I’m just glad that local folk are not going to be out of a job.”