Thu, 14 Mar 2024 | ADMINISTRATION
James Penman Plant Hire, a plant hire firm based in Kirkcaldy, has fallen into liquidation, leading to the loss of all 35 jobs. The company, which began trading in 1974 and had been poised to mark its 50th anniversary, has struggled to meet its financial obligations since the COVID-19 pandemic.
Callum Carmichael and Michelle Elliot of FRP Advisory have been appointed as joint provisional liquidators at the company, which specialised in plant hire, drainage and groundworks for both the public and private sectors.
Callum Carmichael commented: “James Penman struggled to maintain its financial obligations which stemmed from the pandemic and, regrettably, has entered liquidation. Our job now is to focus on supporting all staff that have been impacted with their applications to the redundancy payments service as we wind down the remaining business.”
A statement on the company’s website read: “The affairs, business, and property of James Penman (Plant Hire) Limited the ‘company’ are being managed by Callum Angus Carmichael and Michelle Elliot who were appointed joint provisional liquidators of the company on March 5. The joint provisional liquidators act as agents of the company and without personal liability.”
In its accounts for the year ending September 30 2022, the company’s fixed assets were valued at close to £1.4 million, down from £1.6 million a year earlier, while current assets were valued at just under £1.2 million, compared to £2.1 million a year earlier. At the time, the company’s net assets were valued at £529,102, down from £953,789 the previous year.
Despite the UK's economy showing recent signs of improvement, insolvency rates are expected to continue rising during 2024 as companies continue to struggle with high debts and fragile consumer confidence
Click here to download our free guide on finding and buying distressed businesses and assets
Opportunity to acquire an established general builders and construction company with a strong track record of consistent annual contract work in Hampshire.
Opportunity to acquire a thriving double glazing specialist business with an established reputation in Camberley, Surrey.
Opportunity to acquire a superbly established heavy timber construction and manufacturing business located in Berkshire, known for its quality craftsmanship and strong customer base.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.