RRI Team Facilitate Aardvark Clear Mine Sale to Menasat Gulf Group

Armstrong Watson LLP’s Restructuring Recovery and Insolvency team acting as Joint Administrators of Penman Engineering Holdings Limited - in Administration (the “Company”) have completed the sale of the Company’s 100% equity holding of Aardvark Holdings Limited incorporating Aardvark Clear Mine Ltd (“Aardvark”), the leading global humanitarian mine clearing machine manufacturer to Menasat Gulf Group PLC (“Menasat”). 

Aardvark currently manages its global operations from bases in Dumfries and Aberdeen and is widely regarded as the most effective landmine clearance system in the world. Menasat provides advanced systems for the protection and management of territories, borders, assets and people. 

Commenting on the sale, Mark N Ranson, Joint Administrator of Penman Engineering Holdings Limited said,

“It has been a complex and protracted sale given the specialist nature of the operations of Aardvark.  We are delighted on completing the sale, and wish Aardvark and Menasat the best for the future.  We look forward to seeing the business thrive in its successful new home.”

Commenting on the acquisition, Russell Dolman, COO of Menasat said,

“Aardvark is a very strong brand with a noble 35 year history, which has seen their mine clearing operations neutralise hundreds of thousands of landmines and unexploded ordinance devices, saving innumerable lives around the globe. Furthermore the acquisition will compeiment Menasat’s existing customers in the critical defence, security and commercial sectors across The Middle East, Africa and Asia and introduce new customers in Europe and the Americas.”

David St John-Claire, the incoming CEO of Aardvark added,

“Aardvark’s expertise is in the creation and implementation of safe systems for the investigation, decontamination and handover of land impacted by the remnants of war. Aardvark’s offering will be enhanced exponentially by Menasat’s advanced satellite and drone imaging and surveying technologies providing market leading situational awareness for mine clearing operations and future investment in the next generation of Aardvark mine clearing vehicles and systems.”

The acquisition was effected during July 2017, and was completed for an undisclosed sum.

For more information on our Restructuring, Recovery and Insolvency team and the services they provide

Click Here

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


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


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