Administrators called in to offshore firm

Mon, 30 Mar 2015 | ADMINISTRATION

A Buxton-based offshore firm has had to call in administrators after a winding-up petition was lodged.

Calecore, a firm specialising in offshore site investigations, has gone into administration to protect its assets. The move came after a Dutch creditor lodged a winding-up petition, despite recent proposals to restructure its debt.

Dutch company Fugro’s actions were slammed in a statement from Calecore. The firm said: “Experts are of the opinion that the current filing must be seen as a very aggressive move to limit their only credible integrated site survey competitor, Calecore.”

However, the offshore firm, which has operations in Russia, Norway and Singapore, explained that Fugro’s actions were not the sole motive behind calling in administrators, noting financial difficulties arising from the sanctions placed on Russia by the UK and US.

Matt Howard and Paul Pittman, of Price Bailey Insolvency, were appointed joint administrators of Calecore on 23 March. Insider Media reports that a spokesperson for the insolvency firm said that 50 of the 68 staff employed by the company will be made redundant as a result.

Fugro told Insider Media that they had been forced to take legal action after Calecore failed to fully meet scheduled payments, sometimes not at all, and communication between the firms ceased.
______________________________________________________________________
Related information:
Search businesses in administration
When is the right time to find a distressed business?


Share this article



Latest Businesses for Sale

Printed Packaging Manufacturer
London, South East, UK

Long established with strong brand identity. High Levels of repeat business. Continually expanding customer base. Offers invited.

Asking Price: Offers Invited
Turnover: £847,000

Industrial & Elevator Door Engineering
South of England, UK Wide

Very High profile customer base. Framework agreement with world's leading elevator manufacturer. Outstanding track record . Exciting expansion opportunity. Offers invited.

Asking Price: Offers Invited
Turnover: £925,000

Automotive Development & Tuning Business (Fast Sale)
UK Wide

For Further Information: All enquires including requests for a non-disclosure agreement (NDA), should be directed to the below together with Your Name, Registered Company Name and Contact Number: Unconditional offers together with proof of funds to b...

Asking Price: Offers Invited
Turnover: £445,000


View more businesses for sale

News Search

Latest News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources