Armoured vehicles firm Penman crashes for second time
Penman Engineering has a long heritage
Armoured vehicle manufacturer Penman Engineering has fallen into administration three years after a previous rescue.
Based in Dumfries, the firm has been in operation since 1859 but cash pressures have made the business unsustainable.
Administrators from KPMG today made 44 employees redundant, with the remaining 17 members of staff being retained to assist the administration process.
Blair Nimmo, head of restructuring at KPMG UK and joint administrator, said: “Penman Engineering has a long heritage of producing highly specialised armoured vehicles from its base in the south of Scotland.
“The company’s experienced, knowledgeable team has worked tirelessly to find long-term sustainable solutions, but – regrettably – cashflow challenges have left the owners with no other choice but administration.
“Our focus as administrators will be on assessing what options are available for the business and ensuring clients and impacted staff members are fully supported throughout this difficult process.
“This includes working closely with Skills Development Scotland, via their PACE team, to support those who have been made redundant.”