Specialist vehicle manufacturer enters administration

Penman Engineering Limited, the Dumfries based developer and manufacturer of specialist vehicles, entered administration on 31 August 2016.  

Penman’s are a provider of Engineering, Fabrication, integration and design services which specialise in the manufacture of special to role vehicles, (armoured) protected vehicles, Containerised systems, protective equipment and commercial vehicles for a broad range of customers including UK MOD, UK Government, FCO, NATO, UN, Foreign military and government, NGO’s, Humanitarian organisations and Charities as well as commercial companies within the Cash in Transit, infrastructure, Nuclear and Subsea industries.
Penman has a history stretching back to 1859 and currently employs about 140 from its site in Heathhall near Dumfries.

The business is continuing to trade at the present time under the control of the administrators, whilst a search is conducted for a purchaser.
Mark Ranson, Michael Kienlen and Daryl Warwick, all partners with Armstrong Watson’s Restructuring, Recovery & Insolvency team are the appointed administrators.  

Mark said: 
“We are currently focussed 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 and will be speaking to them over the next few days to determine their interest.

We understand that many employees will be concerned about their future employment, and will be providing confidential briefings to them as regularly as we are able to during the administration process.  All employees will receive relevant information about their employment rights in the current difficult circumstances, and may speak with one of our employment rights specialists if necessary.

The directors of Penman had strived to avoid the necessity of the company going into administration, but the delay in arrival of a major contract provided too big a challenge to the businesses cashflow.  All directors are currently retained to assist the administrators in the running of the business.”

For further information please contact Catherine May catherine.may@armstrongwatson.co.uk or call 07901 922516 

If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletter

Subscribe

Get in touch

To find out more about how we can help you or your business, call us on 0808 144 5575 and speak to a member of our team. Alternatively use our contact form to send us a message or arrange a callback.

CALL 0808 144 5575

or

Contact Us

All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.

Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW