Tue, 06 Sep 2016 | ADMINISTRATION
A Scottish armoured vehicle manufacturer has called in the administrators but is continuing to trade while it seeks a buyer for the business.
Penman Engineering Limited, based in Dumfries, makes armoured and protected vehicles for customers including the Ministry of Defence, the Government, NATO and the United Nations. It also makes protected vehicles for charities and companies involved in transporting money and dangerous substances.
Penman, which employs around 140 people, has appointed Armstrong Watson as its administrator.
Mark Ranson, from the restructuring, recovery and insolvency team at Armstrong Watson, said: “We are currently focused on enabling the business to continue to trade during the administration process, in order that we can seek a sale of the business in order to preserve the maximum number of jobs. We have already identified a considerable number of prospective purchasers and will be speaking to them over the next few days to determine their interest.”
He said that the directors had tried to prevent the company from entering administration but there had been issues with cash flow due to a delay in the arrival of a major contract.
Penman’s directors are now working with the administrators to run the company while the search for a buyer for the business continues. The administrators said that in the meantime, confidential briefings were being held for staff members to keep them up to date on what is happening.
Mr Ranson added: “All employees will receive relevant information about their employment rights in the current difficult circumstances, and may speak with one of our employment rights specialists if necessary.”
If you are looking to buy a business out of administration, you can find out more here Businesses in administration
Our client is a market-leading print and media management company, utilising changing trends and technologies to remain at the forefront of its sector. Offers invited.
Established for over 37 years, the company has developed a strong industry reputation for providing consistently high-quality and high-performance diving equipment, complemented by excellent levels of customer satisfaction. The company offers a compr...
Opportunity to acquire the entire issued share capital of a UK based supplier of infrastructure, power supply, transmission and ancillary equipment to the Security industry. A strategic buyer can benefit from the Company's extensive product range and...
SD Sealants, a sealant and cosmetics repair business headqua...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources