All but nine staff made redundant at supplier of Alexander Dennis
The company operated from premises at Pitreavie Business Park and provided manufacturing and assembly services to the commercial vehicle sector.
It had built longstanding relationships across the industry, with a significant proportion of its operations supporting Alexander Dennis Ltd, the administrators noted.
They added: 'The business entered administration following the withdrawal of this key contract, which rendered the company unsustainable. The administrators are now progressing an orderly wind down of the business, including a sale of its assets.
'Greenfold Systems Ltd employed 90 people. Regrettably, 81 employees have been made redundant following appointment - the administrators are providing affected staff with guidance and support, including assistance with claims to the redundancy payments service. The remaining nine employees are being retained on a short-term basis to complete a customer contract.'
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Mr Carmichael, a partner at FRP, said: 'Greenfold Systems was a well-regarded business that had carved out a specialist role in the commercial vehicle supply chain. Unfortunately, the loss of a major customer contract had an immediate and severe impact on its financial position. Our priority now is to support the affected employees and to maximise returns for creditors.'
Last month, Alexander Dennis announced it was entering into a consultation to "look at consolidating its UK bus body manufacturing operations into a single site in Scarborough, England'.
It declared at that stage that its Scottish-based manufacturing in Falkirk, 'which has already been reduced in recent years, would be discontinued and the site closed'.
Alexander Dennis added: 'Production lines at Larbert would be suspended upon the completion of current contracts.
'This proposed structure will lower overall costs, deliver clearer responsibilities and increase efficiency by removing duplicate functions and activities.'
And it revealed: 'The statutory consultation places up to 400 roles at Alexander Dennis at potential risk of redundancy. This represents approximately 22% of Alexander Dennis' workforce.'
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