The Aberdeen-based firm, which has been operating for more than a century comprises of two divisions – mechanical and electrical and technical facilities management.
The company released a short statement on 20 December 2018 stating that the business which trades as Richard Irvin Energy Solutions was in administration with EY.
According to Fiona Taylor, one of the joint administrators for EY “declining trading conditions, together with increased political and economic uncertainty, resulted in reduced profitability and severe cash flow pressures”.
In particular, this hit the M&E side of the business which has resulted in the loss of jobs for the 107 employees working within the M&E division.
However, 337 jobs have been saved within the FM division following the sale of the division for £1.1 million to private investment firm, Rcapital, which will see the business rename as Richard Irvin FM Limited.
Mark Buchan, Managing Director said: “The acquisition of the facilities management division provides the opportunity to develop and grow the business. The team at Rcapital have the expertise to help us build on the strong foundations we already have.”
Josie Richardson, Director at Rcapital said: “The facilities management division of Richard Irvin is strong and profitable with real potential. We fully support the management team and will work with them to ensure the best possible customer service and sustainable growth.”