An Aberdeen engineering firm has entered liquidation, resulting in the immediate loss of all 48 jobs, as increasing global competition and falling order volumes take their toll on the local manufacturing sector.
Belmar, a company founded in 1975, specialised in producing components for subsea systems and served clients across the energy and engineering industries. Despite its long-standing presence and technical reputation, the company has been unable to overcome recent financial pressures, with mounting losses and declining demand ultimately forcing the decision to close.
According to MHA, the appointed liquidators, all efforts to sell the business were unsuccessful, prompting the closure. Employees were informed during a company-wide meeting on Tuesday, and around 80 known creditors have since been notified by letter.
The creditors are expected to be owed several million pounds, though the exact amount recoverable will remain uncertain until Belmar’s assets are sold and financial claims fully assessed.
Michael Reid of MHA stated: “The decision to close was taken as a last resort after all other avenues were exhausted. I will ensure that all employees are advised of their rights and entitlements, including outstanding wages, pension contributions, accrued holidays, redundancy payments and notice pay.”
The liquidation of Belmar underscores the challenges faced by traditional engineering firms across the UK amid shifting global dynamics, reduced project pipelines, and tighter margins.
