Vasanat International Ltd – trading as Scottish Electric Group – was placed in provisional liquidation earlier this week after facing a cash flow crisis.

Liquidator Donald McNaught of accountancy and business advisory firm Johnston Carmichael said the firm “had faced prolonged cash flow pressure which, despite the efforts of management, it was unable to overcome.”

He added: “Our main objective going forward will be to preserve value in the Scottish Electric Group’s remaining assets to maximise the return to creditors.

“Unfortunately, the process has resulted in job losses and we will work with the relevant government agencies to ensure employees are provided with the appropriate support.”

The firm had been working with Balfour Beatty on the £28m on the new Dundee Train Station Hotel which was due to finish in December.