(Image: Getty Images)

A Scottish security company employing 40 people has been placed into administration.

The Aberdeen company’s assets have been sold in a pre-pack sale and jobs saved with staff transferred.

Vigipro Security & FM Limited was placed into administration following a creditor court petition which was later dismissed.

Now, the company's assets consisting of “goodwill and trading name, website and domain, customer relationships and contracts to the extent transferable, and the operating assets required to continue the business” have been sold to VGP Security Limited, operated by a director of Vigipro.

Scottish company employing 40 placed into administration (Image: Getty Images)

The sale was on September 17, and was for a value of £105,000, with at that stage £21,000 “received to date and the remaining £84,000 will be collected as and when it falls due for payment”.

The business was established in 2022 and provides "tailored security guarding, keyholding, alarm response and CCTV monitoring, with a UK service line". It also supplied labour cover on an ad hoc basis.

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It was initially funded by the director who had significant experience in the industry.

“Business grew rapidly and the company expanded operations by employing further staff and moving to larger office premises following being successfully subcontracted to a major retailer,” joint administrators Brian Milne of Quantuma Advisory, and Jessica Barker and Alan Fallows of Xeinadin Corporate Recovery, stated in a new document.

“Unfortunately, in June 2024, the major retailer decided to withdraw the contract. This had a significant impact on turnover and the loss of revenue affected overheads significantly.”

It continued to trade through in the hope that further work would come to fruition.

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However, the company suffered another setback as a further significant contract with another major retailer was also lost.

Following the appointment of the joint administrators, “staff were advised with regards to the joint administrators' appointment and the administration and informed that a sale of the business and assets had been completed to VGP Security Ltd.

"Staff were then informed that their employment had been transferred.

"The joint administrators also obtained details of the company's workforce to establish any redundancies made prior to the administration."

The administrators' staff have been "assisting these former employees of the company to submit claims".

Recent company accounts showed an average of 40 staff, set against 70 the year before.