Greenfold Systems Ltd - Administration

Greenfold Systems Ltd, a Fife-based bus manufacturer, entered administration on 10 July, with Callum Carmichael and Michelle Elliot of FRP Advisory, as well as Shona Henderson of Henderson Loggie, appointed joint administrators.

The company blamed its administration on the loss of a key contract with bus company Alexander Dennis, which is planning to pull out of Scotland. 81 of 90 staff have been made immediately redundant, with nine retained on a short-term basis to complete a customer contract.

The Bank of Scotland and Lloyds Bank have registered charges against the company.