Tue, 14 May 2013 | ADMINISTRATION
A buyer is being sought by the administrators of Scotland-based Mowat Technical and Design Services (MTDS) Ltd, following the company's administration.
MTDS had been suffering financial difficulties before entering administration. It was reported to have put a lot of cash into research and development over the past few years.
The joint administrators Iain Fraser and Tom MacLennan of RSM Tenon are continuing to trade the business and are retaining the staff while a buyer is found.
Established in 1997 in Caithness, MTDS offers a wide range of services to include mechanical and electrical design, surveying, fabrication and installation, to the oil and gas, nuclear and renewable energy sectors.
Its site comprises 750 sq. m. of space dedicated to its workshop and fabrication, with another 2,500 sq. m. for its laydown area.
With a 26-strong workforce, the firm’s latest revenues reached £2 million. Projects undertaken include work at the Dounreay nuclear plant in Caithness. Its clients include Maersk, SSE, Subsea7, and Amec.
It had been working on preparing the Nymph hydro power technology system, in partnership with Caledonian Green Innovation. The system was being created for use in rivers, with two versions – 50 kilowatt and 100 kilowatt.
“The business has a blue-chip client base and a strong pipeline of potential work,” joint administrator Mr Fraser noted.
“We are marketing MTDS for sale with immediate effect, and would urge interested parties to make contact with us as soon as possible.”
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