(Image: Getty Images)
A Scottish precision engineering company is to be wound down after almost three decades in operation.
It comes after a restructuring within the Aberdeen-based energy industry engineer, with a number of jobs lost.
New accounts for G.A. Engineering Scotland state that the company is to transfer all assets to a subsidiary.
The accounts also show a decrease in turnover for the year to December 31, 2025 set against the previous year.
At a glance
Turnover was £1.7 million, compared with £3.1m in 2024, while cost of sales was £2m, set against £3m the year before.
Gross totals showed a loss of £325,000, compared to a gross profit of £142,000 in 2024.
Operating profit for the year was £3.3m, compared with a loss of £800,000 in the prior period.
An overall profit of £3.2m was set against a loss of £670,000 in 2024. A £4.3m exception item was noted as “related to release of inter-company debt following restructuring of the G A Engineering sub-group”.
A spokesperson for the company added that the 2025 accounts included "£4.3m of intercompany loan which has been written off, resulting in the profit for the year".
When the numbers are normalised to take this into account, the loss would be £1.1m.
The company listed the average number employees as 23, set against 34 the year before.
Scottish engineering company to be wound down after almost three decades (Image: Getty Images)
The company said in its statement: “During 2026, the directors resolved to wind down the business within the company and transfer all remaining assets and liabilities to G A Engineering (North West) Limited, a fellow subsidiary company.
“Whilst the company will continue to receive support from the wider group throughout this transitional period, the decision to cease activities has been formally approved.
“Accordingly, the financial statements have been prepared on a basis other than going concern.”
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A spokesperson from Three60 Energy told The Herald: "As part of the winding down of GA Engineering Scotland, we sought to retain employees wherever possible, with a number of colleagues continuing in roles at our second Dundee facility - GA Engineering Sliding Head.
"However, differences in machining capabilities and operational requirements between the two sites meant that not all roles could be accommodated, and regrettably some redundancies were necessary.
"While GA Engineering (North West) Limited continues to operate from Lancaster, the geographical distance meant that relocation was not considered a reasonable alternative for affected employees."
GA Engineering Sliding Head posted revenue of £10m, up from £4m the year before, and a profit of £3.5m.
The company's immediate parent undertaking at the balance sheet date was Pryme Group Holdings Limited, a company incorporated and registered in Scotland, and the ultimate parent company is Three60 Energy Limited, which acquired Pryme in 2023.