New door opens as buyer found for Stables’ Tool Rental Business

Published at 16:18 PM on 26 October 2009

Paradigm Oilfield Services Limited (POSL) has today (22 October) successfully concluded the purchase of the down-hole oil tool rentals business of the Stable Group for an undisclosed figure.

The move follows the appointment on 3 August 2009 of Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers LLP as the Joint Administrators of Holsco Limited, Stable Holdings Limited, Stable Leasing Limited and Stable Services Limited (Stable Group). Stable Group manufactured and rented oil and gas drilling equipment internationally primarily to drilling contractors.

POSL is a subsidiary of Netherlands based Paradigm Group BV, which is led by Chief Executive Officer Fraser Innes. The acquisition of Stable Group’s Tool Rental Business is part of Paradigm Group BV’s growth strategy of buying technology led oil and gas companies which have a track record of excellent service delivery.

Paradigm Group BV’s CEO, Fraser Innes, commented:

“Stable had experienced dramatic growth and we’re in a position to realise this growth and to continue to deliver on the company’s future potential with sufficient funding to support this. The core of the tool leasing business is sound and we’ll develop this model with suitable working capital in place. There is potential for a significant increase in staff numbers over the coming 12 months.”

Deal initiator Simon Cowie, partner at Hall Morrice, who was recently named Scottish Deal Maker of The Year says of the acquisition:

“The rental business has a healthy order book and was a crucial part of the Stable Group’s growth from £7m to £29 million in less than three years. As a direct result, POSL was able to see the undoubted potential of this acquisition.”

Bruce Cartwright, joint administrator and partner at PricewaterhouseCoopers LLP in Scotland, said:

“Despite a good underlying business, The Stable Group experienced pressure on its working capital as a result of rapid expansion in a challenging economic climate. Over the last few months, we have worked very closely with the Group and its senior staff to secure a successful conclusion to the sale of this part of the Group. I would also like to acknowledge the support from customers, suppliers and employees during this difficult period.”

Ends


Notes to Editors:

About Paradigm Group BV Dutch based Paradigm Group was recently formed to capitalise on new technology focused companies in the Oil & Gas Sector. The Group is led by CEO Fraser Innes. About Hall Morrice Aberdeen based Hall Morrice, is one of the Scotland’s leading independent firms of chartered accountants. Its corporate finance and business advisory team was named as Team To Watch at the Scottish Accountancy awards in 2009 and partner Simon Cowie was named Dealmaker of the Year at the Deal and Dealmakers Awards earlier this year. The company’s 67 staff work with clients across Scotland to deliver accountancy, taxation, audit, business advisory and corporate finance services. 


For more information contact:

Lynn Hunter
Media relations 
Tel:0141 355 4015 
Mobile:07841 570 487 

Twitter
LinkedIn
Facebook
Google+

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2016 PwC. All rights reserved

« PwC and ippr report says real and visible decentralisation of power is key to ending our ‘blame the Minister’ culture | Homepage | Companies to report substantially larger pension liabilities at year end »

  • Contact us
  • +44 (0) 20 7213 1768

Specific and out of hours contacts