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.
Domiciliary Care Agency operating in London, offering approx. 500 hours of care per week with a Good CQC Rating. Annual Turnover for Y.E 2020 £386,597 with an impressive EBITDA of £104,291. Contracted by 6 Borough Councils within London. Establish...
LEASEHOLD
Residential Care Home (Registered for 15 residents) Annual Turnover for Y.E 2022 £497,847 with an EBITDA of £54,318. Valuable detached property / Planning permission for a further 3 en-suite rooms. Full occupancy with 50% local clients and 50% pri...
FREEHOLD
Domiciliary Care and Supported Living business operating in Buckinghamshire, offering 600 hours of care per week with a Good CQC Rating. Annual Turnover for Y.E 2021 £675,851 with an EBITDA of £69,061. Four leasehold properties (Registered for 17 s...
LEASEHOLD
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.