Tue, 23 Oct 2018 | ADMINISTRATION
The Underwater Centre in Fort William, Scotland has fallen into administration after it ceased trading operations last Monday, October 15.
Johnston Carmichael has been called in as the administrator, with restructuring partners Gordon MacLure and Donald McNaught appointed to oversee the administration process.
The company had been undergoing financial struggles due to a decrease in offshore activity
Joint administrator, DonaldMcNaught said: “Despite a long history of providing subsea training and testing, The Underwater Centre has been severely hit by the recent and prolonged downturn in the oil and gas industry.”
Prior to collapse, the Scottish Government, Highlands & Islands Enterprise and Scottish Development International signed a deal with Kawasaki Heavy Industries to test an autonomous underwater vehicle (AUV) equipped with a robotic arm to inspect subsea pipelines.
The high-profile deal was the first of its kind but it wasn't enough to keep the centre open.
McNaught added: “We will also be working with all stakeholders and interested parties to explore the options for the business and its assets.”
Local MP Ian Blackford pledged last week that he would work alongside the government and public sector organisations to do his best to keep the company operational.
"The Fort William Underwater Centre is a world leading facility, it really is devastating news that we have reached this point. But it doesn't mean that we are at the end of the road. I have, and will continue, to do everything that I can - working with others, such as the Scottish and UK Governments, as well as Highlands and Islands Enterprise to secure the future of this institution,” he said.
For all our administrations listings, click here. For more news stories about administrations click here.
Specialises in the installation, servicing and maintenance of a wide range of security and safety systems. Installs and services fire alarms, CCTV, access controls, door entry systems and intruder alarms. Offer invited.
LEASEHOLD
Core services provided by the business include road sweeping, drain jetting, gully emptying, jet washing and airport sweeping. Strong second-tier management team able to manage the day-today operations of the business. Offers invited.
FREEHOLD
Long time established security business which provides highly trained manned guarding operatives to its blue chip clientele. The company provides a total security solution for its high profile corporate clientele. Operating in the premium sector. Of...
LEASEHOLD
|
23
|
|
Jul
|
Award-winning American diner put up for sale | BUSINESS SALE
An award-winning 50s-style American diner in Albert Village,...
|
22
|
|
Jul
|
Ayr Artwork firm goes into administration | BUSINESS SALE
The Steve Brown art company has announced that it has entere...
|
19
|
|
Jul
|
Outdoor activity centre completes MBO | BUSINESS SALE
An outdoor water activity centre has been successfully sold ...
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