Deal with administrator
Jobs saved as Denholm MacNamee buys cash-strapped MSIS
MSIS faced cash flow pressures
Administrators have saved 88 jobs at MS Industrial Services (MSIS), a supplier of environmental services and equipment, after it was bought in a pre-packaged deal by the Denholm MacNamee group.
Johnston Carmichael was called in after the firm failed to secure additional funding to overcome “challenging trading conditions and cash flow pressures from overseas expansion” following the recent oil & gas downturn.
The deal secures 88 jobs at MSIS across its Inverurie and Invergordon sites.
Richard Bathgate, joint administrator and restructuring partner, said: “This will provide the best outcome for the company’s creditors, customers and skilled workforce.
“We thank MSIS’ directors and staff for their assistance during a challenging period and wish Denholm MacNamee every success in driving the future growth of the business.”
Graham Alexander, head of corporate finance at Johnston Carmichael, added: “There was extensive interest in the business and we managed the process to narrow the field before selecting a shortlist of bidders and ultimately Denholm MacNamee to acquire MSIS, a well-known brand in its chosen markets.”
Michael Beveridge, chief executive of Denholm Oilfield Services, said the acquisition brings complimentary skills and geographies to its existing industrial cleaning business.