Tue, 06 Sep 2016 | ADMINISTRATION
A Scottish armoured vehicle manufacturer has called in the administrators but is continuing to trade while it seeks a buyer for the business.
Penman Engineering Limited, based in Dumfries, makes armoured and protected vehicles for customers including the Ministry of Defence, the Government, NATO and the United Nations. It also makes protected vehicles for charities and companies involved in transporting money and dangerous substances.
Penman, which employs around 140 people, has appointed Armstrong Watson as its administrator.
Mark Ranson, from the restructuring, recovery and insolvency team at Armstrong Watson, said: “We are currently focused on enabling the business to continue to trade during the administration process, in order that we can seek a sale of the business in order to preserve the maximum number of jobs. We have already identified a considerable number of prospective purchasers and will be speaking to them over the next few days to determine their interest.”
He said that the directors had tried to prevent the company from entering administration but there had been issues with cash flow due to a delay in the arrival of a major contract.
Penman’s directors are now working with the administrators to run the company while the search for a buyer for the business continues. The administrators said that in the meantime, confidential briefings were being held for staff members to keep them up to date on what is happening.
Mr Ranson added: “All employees will receive relevant information about their employment rights in the current difficult circumstances, and may speak with one of our employment rights specialists if necessary.”
If you are looking to buy a business out of administration, you can find out more here Businesses in administration
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