Dumfries-based armoured vehicle manufacturer Penman Engineering has been bought after falling into administration in August, with about 140 staff at the time.
The buyer is Martin Williams (Hull), specialising in the build, repair, maintenance, refurbishment and hire of vehicles. Williams flagged “exciting” plans to develop Penman, which counts the Ministry of Defence, United Nations, Nato and a range of non-governmental organisations among its clients.
Director Nick Williams said: “The purchase of Penman Engineering takes Martin Williams into new sectors whilst still remaining within the commercial vehicle body building industry.
“Our aim is to get the company back into operation as soon as we can and we are looking to re-employ as many of the previous workforce as possible. We anticipate that the return to full staffing will be a gradual process, however we are hopeful to have a considerable number back in employment by Christmas.”
£5m MBO funds boost for SMEs
Commercial finance firm IGF has completed £5 million in asset-based financing to Scottish SMEs since its launch north of the Border in July.
The organisation, which focuses on SMEs, said strong appetite from firms in Scotland has led it to allocate a further £5m fund specifically intended to support management buyout activity.