Leading Scots tech firm goes bust with 173 staff axed
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END OF THE LINE Leading Scots tech firm goes bust with 173 staff axed
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A LEADING Scottish tech firm has plunged into administration with the loss of 173 jobs.
Cybersecurity company Adarma, which has its headquarters in Edinburgh, specialises in threat detection and engineering support for organisations in "high-risk sectors".
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Cybersecurity company Adarma has its headquarters in Edinburgh
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It has grown to become one of the largest businesses of its kind in the UK.
The firm employed 176 people from its Edinburgh and London hubs.
But Will Wright and Alistair McAlinden from Interpath were appointed joint administrators on Monday, STV reports.
It follows growing financial pressure after the loss of a major customer.
The business ceased trading, and 173 staff were made redundant.
It's understood around 120 workers were based in the capital.
The directors had pursued a formal sale process to secure fresh investment, but ultimately had to make the "difficult decision" to place the firm into administration.
Will Wright, UK CEO at Interpath and joint administrator of Adarma Limited, said: "Adarma had built a strong reputation in the cyber security sector, but sustained margin and cashflow pressures ultimately proved insurmountable.
"Like many in the industry, the business faced intense competition, rising operational costs, and a continual need for investment.
"Given Adarma's financial position, we've made the difficult decision to cease trading.
Nearly all staff axed as major Scots manufacturer goes bust
"Our team is working closely with affected employees to support them through the redundancy process, including assistance with applications to the Redundancy Payments Office."
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