Boost as armoured vehicle firm Penman rescued again
Sold: Penman Engineering
The future of Penman Engineering, the armoured vehicle manufacturer, has been secured after it was sold out of administration to commercial vehicle builder Martin Williams.
Based in Dumfries, the business has been in operation since 1859.
Last month saw the company fall into administration three years after a previous rescue with the loss of 44 jobs.
The development is good news for the 16 remaining members of staff, who have been working with the administrators since their appointment, as they will all be transferred to the Hull-based purchaser.
Blair Nimmo, head of restructuring at KPMG UK and joint administrator, said: “The Penman business has a rich heritage in Dumfries and its team of employees are renowned for their knowledge and innovation in the field.
“Despite the company’s best efforts, cashflow challenges meant the business in its previous form could no longer find long-term sustainable solutions, leaving it no other choice but administration.
“Today’s announcement secures the future of 16 highly-skilled roles in Dumfries. The buyer has previously invested in and understands the strength and growth potential of the Penman business.
“Our focus now as administrators will be on securing the sale of Penman MW Limited’s armoured vehicle intellectual property.”