Scottish oil and gas firm rescued out of administration

Wed, 03 May 2017 | ADMINISTRATION

A Scottish oil and gas services firm has been bought out of administration in a move that has safeguarded the business and saved 18 jobs.

Arbroath-based Mountwest Petroleum Engineering Ltd (MPEL) was placed into administration last week after suffering from a downturn in the North Sea.

But the company, which supplied licensed connection repairs and manufacturing services oil and gas firms, was immediately sold on by administrators Johnston Carmichael to new venture Mountwest Petroleum Ltd (MPL) in a pre-pack deal.

Both the business and assets of MPEL have been sold to MPL, which will now be managed by Independent Oil Tools Group, a division of Petrolia SE, a Cyprus-headquartered oil and gas company.

MPL will continue to trade from MPEL’s former premises on Arbroath's Kirkton Industrial Estate.

Richard Bathgate, restructuring director at Johnston Carmichael, said: “Like many companies MPEL has suffered over recent years from the downturn in the oil industry and had accumulated significant liabilities.

“However, being able to move rapidly with the sale of the business was a critical element in preventing 18 people being made redundant from their jobs, and avoiding the knock-on effects of that on the local economy.”

Find the latest businesses in administration.
Subscribe to Business Sale Report here


Share this article



Latest Businesses for Sale

Elderly Care Home
Essex, South East, UK

Old Age and Dementia Care Home, Essex – Registered for 27. Care home registered for 27 service users within the categories of old age and dementia care. The home has benefited from an extensive refurbishment programme, since then the home is rapidly...

Asking Price: £895,000
Turnover: £389,821

Care Home
West Midlands, UK

Care home in convenient West Midlands location, registered for 38 residents specialising in dementia care. This attractive and highly reputable home features all single bedrooms. Our client has owned the business since the early 1990's and has chosen...

Asking Price: £2,200,000
Turnover: £1,018,560

Fish & Chips Takeaway
Cornwall, UK Wide

A very successful fish and chip takeaway enjoying a prominent and highly visual trading location in the south Cornwall town of Helston. Well-appointed takeaway area with 7-pan gas range, adjoining retail area, storage and preparation rooms. Spacious...

Asking Price: £675,000
Turnover: £365,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
28
 
Jan
 

Fairstone completes double acquisition | BUSINESS SALE

Tyne and Wear-based consolidator Fairstone Financial Managem...

 
27
 
Jan
 

Amigo founder puts company up for sale | BUSINESS SALE

Amigo founder James Benamor has put the subprime lender up f...

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

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