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 offering first-class facilities management services for multiple sectors. Has an A+ credit rating, debt free and cash positive for over 10 years. Operates from leasehold premises. Offers invited.
LEASEHOLD
Operates as a franchisee of a leading UK logistics company and works with a network of established couriers to provide cohesive delivery solutions. A multi-award-winning company with an exceptional reputation in its sector. Offers invited.
LEASEHOLD
Independent Provider. Offers a comprehensive range of professional and reliable cleaning and estate maintenance services to clients throughout the South East. Works closely with its clients, undertaking all aspects of estate maintenance and commercia...
LEASEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
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