McNulty Group Holdings and its subsidiaries, McNulty Offshore Construction Ltd and Consafe Engineering Services Ltd, appointed Mark Firmin and Howard Smith of KPMG’s restructuring practice as joint administrators on 24th of February 2012.
The Tyneside based business, which also has an Aberdeen operation, is an offshore oil and gas contractor, delivering construction engineering, pipe and structural fabrication and project management services. It has suffered from the uncertain and challenging global economic environment which has particularly impacted the supply chain for significant capital expenditure projects.
Mark Firmin, Joint Administrator and KPMG’s Northern Head of Restructuring, said: “While this business has struggled with tightening global trading conditions for some time, it has a long history of delivering successful projects. This, teamed with its prime freehold Tyneside location, give us reasons to consider it an attractive acquisition opportunity. Therefore we are marketing the business and are hopeful of securing a sale.”
Prior to the appointment of administrators the companies employed 166 people; 132 in the North East and 34 in Scotland. As the administrators are unable to trade the business in administration, they have had to make redundancies. At the South Shields site 100 employees have been made redundant, leaving 32 assisting the administrators. No redundancies have been made in Aberdeen.
Interested parties should contact: Duncan Mackenzie at KPMG on +44 (0) 191 401 3768. Other queries for the administrators should be directed to Richard Curran at KPMG on +44 (0) 191 401 3846.
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Alison Anderson, PR manager, KPMG
T: 0113 254 2980
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