Progress in efforts to safeguard vehicle firm Penman

Steps to save armoured-vehicle manufacturer Penman Engineering, which entered administration on Wednesday, stepped up a gear yesterday in a bid to safeguard the firm's workforce of about 140.
By The Newsroom
Published 2nd Sep 2016, 08:33 BST
Updated 2nd Sep 2016, 09:39 BST

This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement.

Penman supplies armoured vehicles for military customers and those involved in transporting cash. Picture: ContributedPenman supplies armoured vehicles for military customers and those involved in transporting cash. Picture: Contributed
Penman supplies armoured vehicles for military customers and those involved in transporting cash. Picture: Contributed

The Dumfries-based firm, which supplies organisations including the UK’s Ministry of Defence, Nato, the UN and cash-handling firms, said a delayed major contract proved “too big a challenge” to cashflow.

Penman added that it is still trading under control of the administrators Mark Ranson, Michael Kienlen and Daryl Warwick, partners at Armstrong Watson’s restructuring, recovery and insolvency team, while a buyer is sought.

Hide Ad
Hide Ad

Ranson said: “We are currently focused on enabling the business to continue to trade during the administration process, in order that we can seek a sale of the business in order to preserve the maximum number of jobs.

“We have already identified a considerable number of prospective purchasers.”

Click here to ‘Like’ The Scotsman Business on Facebook

Related topics:DumfriesNATO