Buchan returns to the front line

A NORTH-EAST entrepreneur who sold his oil and gas tool hire business for £5 million in 2007 is to re-enter the market after spending some time as a consultant.

Andy Buchan founded Inverurie-based Buchan Technical Services ten years ago, but sold the company to James Fisher Offshore in 2007.

Now he is pumping £1m of his own money into Fintray-based Hiretech, which will provide equipment to various sectors within the oil and gas industry.

Buchan said he aims to turn over £2m by the end of his second year back in business.

He added: “I have really enjoyed working with other businesses and gaining an insight in to how each conducts their activities, but I feel the time is right to return to doing what I know best. Once we are firmly established, I will be looking at overseas opportunities.”