KPMG appointed administrators of Penman Engineering
Blair Nimmo and James Lumb from KPMG’s restructuring practice have been appointed joint administrators of Dumfries-based Penman MW Ltd, trading as Penman Engineering.
So far, 44 employees have been made redundant, with the remaining 17 members of staff being retained to assist the administration process.
Penman Engineering employs 61 people within a 15-acre site and has been in operation since 1859, specialising in the design, construction and software development of armoured military and security vehicles.
In 2017 the company was rescued from a previous administration, but – despite its long heritage and considerable efforts from staff and owners – cash pressures have made the business unsustainable.
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.”