Wed, 29 Feb 2012 | ADMINISTRATION
The administrators who have been appointed to Tyneside offshore oil and gas fabricators, McNulty Offshore, have described it as an “attractive acquisition opportunity”.
McNulty Group Holdings, and its subsidiaries McNulty Offshore Construction Ltd and Consafe Engineering Services Ltd, appointed administrations from KPMG yesterday after struggling to win new business. The company’s operations in South Shields immediately saw 100 people laid off, but 32 people were retained at the site and all 34 workers at the company’s Aberdeen base were kept on in anticipation of the company being sold.
Joint administrator and KPMG's Northern head of restructuring, Mark Firmin, said they were currently engaged in an active search for a buyer or buyers for the business.
“While this business has struggled with tightening global trading conditions for some time, it has a long history of delivering successful projects,” he said.
“This, teamed with its prime freehold Tyneside location, give us reasons to consider it an attractive acquisition opportunity. Therefore we are marketing the business and are hopeful of securing a sale.”
The company has been in business since 1906 and is one of the largest of its kind in the North East of England.
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