More than 100 people have been made redundant after the Scottish steel contractor Bone Group called in the receivers.

The company, which was established 72 years ago and has offices in Leeds and London, had international clients.

However, the company suffered from a drop in demand from the construction industry in the past 18 months.

The receivers said a 50% drop in trade left the company with trading losses and cashflow pressures.

A total of 113 employees were made redundant, leaving five members of staff to help realise the company’s principal assets.

The company’s contracts included several football stadiums including the steel frame for Ibrox Stadium in Glasgow in 1959 and the Formula One stadium in Dubai, UAE.

It had announced £8M of new business earlier this year.

Chris Bone, chief executive of Bone Group, said: “Despite a healthy order intake earlier in the year, contract slippages, volume reductions and supplier credit restrictions combined to make trading extremely difficult.”