A car dealership has gone into administration with the loss of 115 jobs.
The Verve Group had struggled to stay competitive in the face of reduced demand for new and used cars, administrators said.
The group, formed in Glasgow in 1998, has three dealerships, in Coatbridge in North Lanarkshire, Kilmarnock in East Ayrshire and Bathgate in West Lothian.
It also operated a body shop in Law in South Lanarkshire and a van centre in Baillieston in Glasgow. Blair Nimmo, Tony Friar, and David Standish of KPMG Restructuring were appointed as joint administrators.
A recent unsuccessful attempt to sell the van centre had compounded the company’s financial problems, they said.
The group’s vehicles were repossessed after it was unable to meet debts it owed to car stock funders and separate franchise agreements were also terminated.
The administrators said due to a lack of ongoing work commitments they had no option but to make 115 staff from a workforce of 125 redundant immediately.
Mr Nimmo, head of restructuring for KPMG in Scotland, said: “The Verve Group was a well-established business with a committed workforce, and it is the staff which will now be our immediate priority.
“The company had an excellent reputation but has been experiencing serious operating challenges for some time and unfortunately could no longer continue as a viable business.
“We will be working with government agencies to ensure all employee issues are dealt with as quickly as possible. We would like to thank the remaining staff for their continued co-operation during this difficult time.”