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.
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.
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.”