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
This well-established scrap vehicle yard in Essex offers a unique opportunity to acquire a business with a significant stock of decommissioned parts and panels, alongside essential equipment such as forklifts and heavy demolition plant.
Opportunity to acquire a well-established engineering product and equipment distributor located in the heart of the West Midlands.
Presenting an exceptional opportunity to acquire a well-established specialist joinery business located in Southport, Merseyside.
01
|
Jul
|
PE-backed accountancy swoops for 65-strong East Midlands firm | BUSINESS SALE
Private equity-backed accountancy Duncan & Toplis has acquir...
01
|
Jul
|
Manchester-based aerospace firm rescued with pre-pack deal | BUSINESS SALE
B&H.PT Limited, a Manchester-based aerospace manufacturer, h...
01
|
Jul
|
Seafood and pork supplier acquires food manufacturing business | BUSINESS SALE
Sofina Foods Europe, a North Yorkshire-headquartered supplie...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.