Iain Fraser and Tom MacLennan of RSM Tenon have been appointed joint administrators of Buckie Shipyard Ltd, one of Scotland's oldest specialist ship-building businesses, which is set to close with the loss of more than 70 jobs.

With a history stretching back to 1903, Buckie Shipyard provided a fully integrated service for the design, build, refurbishment and maintenance of boats and marine vessels. The company had recently diversified into the offshore wind industry, and its latest turnover was around £3m. Recent clients included the RNLI, MOD, Orkney Ferries and Harbours, Scottish Sea Farms, Windcat and Talisman Oil.

The administrators said the company's collapse was the result of severe cashflow problems stemming from unsustainable costs, a marked contraction in demand and intensive price-led competition. They are now closing the business whilst marketing the assets for sale. The yard can slip vessels up to 850 tonnes in displacement and 70 metres in length, and includes a 1600 sq metre refit facility, state-of-the-art paint spraying equipment, and a 50 ton hydraulic slipway.

Iain Fraser, joint administrator and RSM Tenon partner said: 'The financial pressures meant that administration was the only option. It is therefore with great regret that 68 jobs have been made redundant with immediate effect, with the balance of 6 being retained in the short term to assist with the winding down process.'