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.
Go deeper with GlobalData
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
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
