Around 80 jobs under threat
The company, established in Forfar in1973, is a specialist in supplying lifts for commercial vehicles and warehouses which it sold throughout Europe.
Insolvency specialist Begbies Traynor was appointed as provisional liquidator of the company on Thursday.
Provisional liquidator, Ken Pattullo,said: "Although we are still trying to establish fully the circumstances behind the company's financial difficulties, webelieve the problems have stemmed from an inability to adjust the overhead base quickly enough following the sale of the commercial vehicles spare parts division of the business last year to Ratcliff Palfinger, together with a reduction in orders due to retail superstore and warehouse expansions being slower than anticipated and public sector spending cuts affecting the ambulance lifts part of the business."
David Menzies, also of Begbies Traynor, added: "While it is inevitable that we will have to make redundancies, we are hopeful that with such a well known brand and leading products in the lifting solutions sector, we will be able to achieve a sale of the assets and business.
"We have already had a number of enquiries, but in the short term we cannot continue trading the company due to lack of cash flow to pay employees and suppliers."