BBC News reported that more than 100 people have been made redundant after a steel contractor and supplier in North Lanarkshire called in the receivers.

As per report, Mr Blair Nimmo and Mr Gary Fraser of KPMG have been appointed joint receivers of Wishaw based Bone Group Limited. The company, which was established 72 years ago and has offices in Leeds and London, had international clients. However, the company suffered from a drop in demand from the construction industry in the past 18 months.

The receivers said that a 50% drop in trade left the company with trading losses and cash flow pressures. A total of 113 employees were made redundant, leaving five members of staff to help realize the company's principal assets.

The joint receivers have invited offers for the property in Wishaw, plant and machinery, stock and contracts.

Mr Nimmo, head of restructuring for KPMG in Scotland, said that "The Bone Group Ltd has a very strong reputation in the market, and has a history dating back more than 70 years. Only ten years ago the company moved to a purpose built fabrication facility but unfortunately, due to the economic climate, experienced significant trading losses and cash flow pressures."

The company's contracts included several football stadiums including the steel frame for Ibrox Stadium in Glasgow in 1959, the Formula One stadium in Dubai and the new indoor sports facility at Ravenscraig. It announced GBP 8 million of new business earlier this year.

Mr Chris Bone CEO of Bone Group said that "Despite a healthy order intake earlier in the year, contract slippages, volume reductions and supplier credit restrictions combined to make trading extremely difficult. Market conditions are tough for everyone in this sector at present, and we couldn't see a way forward for the group as it stands."

(Sourced from www.bbc.co.uk)