The leisure firm Corsie Group has been in freefall since director and former Scotland rugby captain James Aitken resigned in April, with fellow director Vikram Lall CBE and chairman David Mathewson following him out the door.

Having suspended its shares and delayed its financial results amid speculation over finances, the business succumbed to external pressures last week when it went into administration on Friday May 9 and announced that eight jobs had been axed the following day.

Pressures

Administrator Blair Nimmo, of KPMG, said it was too early to second guess whether the company would be able to re-enter the stockmarket.

He explained: "The Corsie Group has suffered from cash flow pressures, due in part to difficult trading conditions and a write down in stock levels.

"Due to the current trading position and lack of available cashflow, the administrators have had no option but to make eight employees redundant with immediate effect."

Full report in East Lothian News, May 16, 2008