PwC appointed administrators to Aberdeen based Stable Holdings Ltd

Published at 14:01 PM on 03 August 2009

Stable Holdings Limited (in Administration) Stable Services Limited (in Administration) Stable Leasing Limited (in Administration) Holsco Limited (in Administration)

Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers LLP were appointed as Joint Administrators of Stable Holdings Limited, Stable Leasing Limited, Stable Services Limited and Holsco Limited (“the Group”) on 3rd August 2009.

The Aberdeen based group is a niche operator in the oil and gas industry; manufacturing, renting and trading down-hole tools to drilling sub-contractors and employs 79 people in Aberdeen.

Bruce Cartwright, Joint Administrator said:

“Following a buy-out in December 2006, the Group has grown from an annual turnover of £7m to £22m. Despite a good underlying business, due to rapid expansion in a challenging economic climate, pressure has been put on working capital. It is with regret that we have had to make 36 redundancies upon appointment.

"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.”

Rod Coffey, Group CEO said:

"We are all hoping that a buyer or an investor can be found quickly to save the undoubted potential of this company."

ENDS



For more information contact:

Elaine Bailey
Consumer and Industrial Products & Services PR Senior Manager 
Tel:020 7212 5133 
Mobile:07834 318 350 
 

Bruce Cartwright
Tel:0131 260 4087 

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