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Macdonald Henderson Advises on Rescue of Scottish Engineering Business – 13th November 2019 - Click for larger version Macdonald Henderson Advises on Rescue of Scottish Engineering Business – 13th November 2019

Macdonald Henderson is pleased to have advised engineering firm Pentland Precision, as more than 30 jobs have been saved after the assets of the business were bought out of administration.

The Midlothian firm called in administrators from KPMG after struggling with debts for several years.

Managing director Robert McCartney and directors Alan Noble and Graham Young are to resurrect the business under the name of Pentland Material Supply after securing fresh finance.

They have transferred 35 of Pentland's 41 employees and the Loanhead firm has substantial orders in the pipeline.

A £750,000 financing facility has been arranged through Bibby Invoice Discounting, with help from IFA Alan Anderson and former Deloitte investment consultant Paul Slater.

Pentland suffered in 2017 from a slowdown of orders from Babcock, with which it worked on liquid natural gas (LNG) container ships. But a resurgence in LNG-related orders has lined up new work for the firm with Babcock and other customers.

The firm is retrofitting ships to carry LNG from regions too far away to pipe the gas, such as Australia.

Mr McCartney commented that new firm is targeting turnover of £6 million within two years but will aim not to become dependent on one customer for more than 30% of its work.

About Macdonald Henderson, Mr McCartney commented:

“Throughout the process, which was something which was entirely new to us, we were guided by Alan McKee and David Beveridge in all of the key elements. Alan, David and the team at MH provided sound legal advice and dealt with all of the legal issues across the multiple areas of law.

This allowed myself and the board to concentrate on the pressing practical matters facing the business. We were delighted by the service provided by the team and look forward to working with the team again in the future”.

Last updated: 4.09pm, Wednesday 13th November 2019

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