North Sea Ventilation Limited, a Hull based supplier of heating, ventilating, air conditioning and refrigeration equipment, appointed Howard Smith and Mark Firmin, of KPMG’s Restructuring practice, as joint administrators on 3 August.
Shortly after their appointment the joint administrators sold the business and certain assets to Terton Limited, a newly formed company, in a going concern deal which saves the jobs of all 80 employees, who transfer to the purchaser.
North Sea Ventilation - a supplier to companies operating in hazardous environments, such as in the shipping and oil and gas sectors - is part of Hastie Holdings, an Australian based global business, which entered insolvency in May 2012.
The insolvency of the parent company ultimately resulted in North Sea Ventilation appointing administrators. Howard Smith, joint administrator and associate restructuring partner at KPMG, said: “We are very pleased to secure a sale of the business and assets of North Sea Ventilation that provides for a continuation of the business and employment for the workforce under its new ownership.”
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Notes to editors:
For press enquiries for the administrators please contact:
PR Manager, KPMG:
T: 0113 254 2980
KPMG Press Office : 020 7694 8773”
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.