Coatbridge-based Galino Limited officially entered administration on July 7. Documents on the Companies House website confirm David McGinnes and Judith Howson of AAB Business Tax & Advisory were appointed as joint administrators.
Company history and collapse
Founded in 1981, the North Lanarkshire firm was a leading manufacturer of industrial fastening tools and machine screw products. It served companies across various trades through the sale of pneumatic and hand tools.
A public gazette for the engineering firm confirmed that it began the 'winding up' process on June 26, just four weeks ahead of its collapse into insolvency. A winding-up petition, or liquidation, involves collecting assets to pay off outstanding debts.
Staff redundancies
The company employed 12 staff members, all of whom have been made redundant following its collapse. Administrators have retained "a small number" of colleagues to assist with final duties.
Mr McGinnes, joint administrator, said: “Upon appointment, the business ceased to trade and, unfortunately all 12 staff were made redundant. A small number of former employees will be assisting the Joint Administrators in their duties for a short period of time. The joint administrators are engaged with the relevant agencies to co-ordinate supporting the employees through the difficult process.”
A spokesperson for AAB Business & Tax Advisory said: “Creditors, employees, customers and other affected parties will be contacted directly with information relevant to them.”
Broader economic context
A volatile trading environment has led to the collapse of many Scottish firms this year. Factors including rising operating costs, higher national insurance contributions, and supply chain issues are among those many face.
On July 14, Elite Bathrooms, located in Edinburgh, also crumbled into insolvency after seven years. While no reason for Galino's collapse has been announced, public information on the Companies House website confirms that accounts from March 2024 are "overdue". The firm also received a warning from the Gazette that it could be 'struck off' the registrar two months prior.
Similarly, BGL Contracts Limited fell into administration on June 30, resulting in all 40 staff members being made redundant. Administrators said the firm faced "insurmountable challenges" amidst rising costs and low contract margins.
