Paradigm Oilfield Services Limited (POSL) is to pay a six-figure
sum for the remaining trade an assets of the Aberdeen based Stable
group, which includes a leasing business for oil industry
equipment.
POSL, a subsidiary of the Dutch Paradigm Group, will recruit 25
staff for the acquisition, adding to the skeleton crew of 5 that
have been in place since the firm’s administration in August.
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The Stable group, comprising Stable Holdings, Stable Services,
Stable Leasing and Holsco, employed 79 before going into
administration.
Simon Cowie, a partner at accountancy firm Hall Morrice who
initiated the deal, commented:
“The company had a healthy order book, but was unable to secure
additional funding to enable it to deliver on its orders.
“It had experienced a period of outstanding growth from a
turnover of £7million to more than £29million in less than three
years and POSL was able to see the undoubted potential of this
acquisition.”
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By GlobalDataFred Crawley
