Top entrepreneur sees drilling business go into administration

A drilling business in Scotland has gone into administration just weeks after its owner and managing director was named the country's emerging entrepreneur of 2009.

It's thought around 40 staff at Clyde Valley Drilling have lost their jobs with immediate effect, and workers have hit out at their boss for having administrators break the news to them.

Owen Barrett confirmed to reporters earlier this week that the drilling business and another of his firms, CVD Holdings, had gone to the wall, but claimed CVD Fire Protection Ltd would continue to trade with a focus on expansion.

"The sharp downturn in demand has led to a large reduction in turnover and has had a detrimental effect on Clyde Valley Drilling," he added in a statement to Scotland's Daily Record.

"Unfortunately, we were left with no other option but to enter administration."

Clyde Valley Drilling's annual turnover was believed to be around £5 million. It was founded in the late 1990s and had a new purpose-built headquarters opened by the Princess Royal in 2006.

Meanwhile, one of Lancashire's best-known furniture-making businesses has gone into administration after more than 160 years of trading.

Chipping-based chair manufacturer HJ Berry was offered £1 million by Channel 4 star Sir Gerry Robinson last year but the debt-ridden firm refused it. CLB Coopers had been providing insolvency advice to Berry's and will be appointed as administrators, according to reports.

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