The Performance Timber Products Group has pulled out of a deal to buy the assets and trade of long-standing Scottish window manufacturer Blairs Ltd.

The group had earlier issued a bullish statement saying that it had reached an agreement with administrators to buy the assets and trade of the business and had appointed a new managing director of Blairs who would be given the task of creating 60 positions. The agreement had been described as “wonderful news” for Blairs, bringing hope for its employees, and with the brand joining the group’s growing list of joinery companies.

However, a week later after exercising due diligence, the group said it had with regret been unable to secure a future for Blairs.

A spokesperson at Ernst & Young admitted that the prospects of securing a sale going through were diminishing.

“But a sale of this site is still the most desirable outcome at this moment in time and the administrators believe there is value in the name Blairs,” the spokesperson said.

Adminstrators are believed to be following up interest that was expressed from several parties before the Performance Timber Products Group struck a deal.

Blairs went into administration on January 10 after suffering cash flow problems. Administrators from Ernst & Young made 113 staff redundant – the majority of the workforce.

Blairs was founded in 1908 as a general construction company and for the past 40 years had serviced the UK bespoke windows and doors market.