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August 4, 2009updated 12 Apr 2017 4:34pm

PwC administrators appointed to Aberdeen drill lessor

Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers LLP have been appointed joint administrators of Stable Leasing, a firm involved in leasing down-hole drilling tools to the oil and gas industry. The Aberdeen based Stable group of companies, which includes Stable Leasing Limited, was been put into administration despite growing turnover from £7 million (8.2 million) to £22 million following a December 2006 buyout, Cartwright said in a statement.

By Fred Crawley

Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers LLP
have been appointed joint administrators of Stable Leasing, a firm
involved in leasing down-hole drilling tools to the oil and gas
industry.

The Aberdeen based Stable group of companies, which includes
Stable Leasing Limited, was been put into administration despite
growing turnover from £7 million (€8.2 million) to £22 million
following a December 2006 buyout, Cartwright said in a
statement.

He added that the Stable group’s working capital had come under
pressure due to its rapid expansion, and that 36 of 79 employees
had been made redundant upon the start of the administration.

“We intend to pursue a sale of the business and assets of the
Group as a going concern. Whilst a buyer for the business is
sought, we will work with the Company’s existing management team.
There are no further redundancies at this time,” Cartwright
said.

Fred Crawley

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