A bid to rescue the Lemon Tree arts venue in Aberdeen has failed.

The 50 full and part-time staff had launched a fundraising campaign in an attempt to save the company, but the £10,000 raised fell far short of the amount required.

At a meeting of creditors yesterday, Michael Reid of chartered accountants Meston Reid & Co was appointed liquidator.

Graham Smith, insolvency senior at Meston Reid, said they would try to sell the assets for the best value possible to get money back to creditors.

Hall Harper, who was chairman of the Lemon Tree Trust, said it would have been difficult for anyone to take it over as a going concern.

"A considerable amount of money would have been needed to save the Lemon Tree," he said. "The bands and theatre companies which would have been due to perform there are no longer contracted to come so the company had nothing to sell."