Thu, 13 Aug 2015 | ADMINISTRATION
Universal Engineering, a Wales-based supplier to the oil and gas industry, is heading towards administration, leaving 124 workers poised to hear of their fate.
The engineering business launched a factory at Llantrisant in February this year, with £600,000 of financial backing from the Welsh government. It was opened two months later in April. It also has a plant in Weymouth, Dorset.
The firm is a subsidiary of the Bland Group and works on equipment for the sub-sea, oil and gas sectors, plus defence and aerospace.
The unfortunate situation has been attributed to falling investment in the oil and gas industry. The Welsh government called it “very disappointing news”.
A spokesman said: "We will work closely with the company to try to find a buyer for the site and offer support to the employees to find new work”.
Universal Engineering's chairman James Gaggero held a meeting with the staff in Weymouth to share the bad news and assured them that the company will work with the administrators to find a resolution.
Harry Game, the boss of the parent company Bland Group UK, spoke of his regret over having to make this decision, adding: “We appreciate that this will be a very difficult time for all employees and we will try to provide as much information and support as we can during this process."
A very reputable, award winning, day spa offering a selection of rejuvenating treatments is available in the bustling city of Manchester. Offers invited.
This is a longstanding automotive repair business in Gloucestershire, now available for an interested buyer to purchase. Offers invited.
A remarkable opportunity has emerged to acquire an established precision engineering business which has cemented solid foundations since it began trading in 1998. Offers invited.
Early stage advanced data analysis company Rinocloud has bee...
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