Wed, 03 May 2017 | ADMINISTRATION
A Scottish oil and gas services firm has been bought out of administration in a move that has safeguarded the business and saved 18 jobs.
Arbroath-based Mountwest Petroleum Engineering Ltd (MPEL) was placed into administration last week after suffering from a downturn in the North Sea.
But the company, which supplied licensed connection repairs and manufacturing services oil and gas firms, was immediately sold on by administrators Johnston Carmichael to new venture Mountwest Petroleum Ltd (MPL) in a pre-pack deal.
Both the business and assets of MPEL have been sold to MPL, which will now be managed by Independent Oil Tools Group, a division of Petrolia SE, a Cyprus-headquartered oil and gas company.
MPL will continue to trade from MPEL’s former premises on Arbroath's Kirkton Industrial Estate.
Richard Bathgate, restructuring director at Johnston Carmichael, said: “Like many companies MPEL has suffered over recent years from the downturn in the oil industry and had accumulated significant liabilities.
“However, being able to move rapidly with the sale of the business was a critical element in preventing 18 people being made redundant from their jobs, and avoiding the knock-on effects of that on the local economy.”
Find the latest businesses in administration.
Subscribe to Business Sale Report here
The company is an automatic and industrial door supplier, installing a variety of systems, including but not limited to, automatic doors, fire resistant shutters, entrance barriers, roller shutters and garage doors.
Well-established company operating for over 23 years. Offers a range of driving positions, which include day runs, local runs, local shunting, nights out and tramping.
The company is a business-to-business wholesaler of cask ales, continental lagers, and craft cider. Since its establishment, the business has cultivated strong relationships with high-profile and local breweries, gaining exclusive access to their pro...
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.