THE Edinburgh-based flagship firm of former Rangers owner Sir David Murray is being wound up.
But the 62-year-old entrepreneur has insisted that losses to ordinary creditors will be “minimal” as proceedings to liquidate Murray International Holdings got under way.
Sir David’s former metals and property empire – which is separate from his family interests and Murray Capital investment vehicle – has now sold all its trading subsidiaries and a creditors’ meeting is scheduled for next week.
But 95 per cent of the 3000 workforce will remain in work, said the company.
Sir David said: “This is the end of an orderly wind-down, and there are minimal ordinary creditors.
“The main losers are obviously the secured lender [Lloyds Banking Group] and the stakeholders.
“I think we’ve done a good job to minimise the loss to the bank and to protect as many jobs as possible.
“If you look at the number of people who are still in the workforce, it’s heading towards £100m a year in salaries and so on into the economy.
“The company was caught in a perfect storm when the price of steel and the commercial property market collapsed.”