Thu, 19 Feb 2015 | ADMINISTRATION
An oil and gas engineering firm in Scotland has gone into administration.
MacKellar Sub-Sea and its sister companies MacKellar Tritech and Tritech Nairn called in administrators this week. The company is based in Grantown-on-Spey in the Scottish Highlands where it operates a fabrication and assembly facility.
Tom MacLennan and Iain Fraser of FRP Advisory have been appointed as joint administrators while a new buyer for the company and its assets is sought. The business will continue to trade and its workforce of 97 will retain their positions.
The firm had seen a recent rise in turnover, but got into difficulties in the latest financial year owing to pressures stemming from losses on contracts.
MacLennan explained the reasoning behind the firm entering into administration and it's potential future in the industry. He said: “Losses on a number of contracts and consequent financial pressures have resulted in administration being the only option for the business.
“That said, we believe there is a viable business underlying these recent contract-related losses and we will continue to trade the company whilst actively seeking a buyer.”
The five-acre Grantown-on-Spey site incorporates a machining shop, fabrication ship, assembly shop and offices and stores. The Tritech Nairn subsidiary runs a facility on a former RAF base in Kinloss employing 11 staff members working on grit-blasting and painting.
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This financial advisory firm has an infrastructure in place to carry on operating profitably post-sale.
Hertfordshire based IFA with 75% of the business' assets with two major platforms, ensuring a smooth transition post-sale.
This firm has an average portfolio size per household above £0.5m, meaning you will be servicing high quality, profitable clients.
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