More than 30 jobs saved as Pentland Precision bought out of administration
Midlothian engineering firm Pentland Precision has been bought out of administration, in a move which saves more than 30 jobs.
The Loanhead company, which offers services including laser cutting, sheet metal work, fabrication and powder coating, called in administrators from KPMG last week after it lost contracts worth £2 million from the shipbuilding arm of Babcock two years ago.
But managing director Robert McCartney and directors Alan Noble and Graham Young will now resurrect the business under the name of Pentland Material Supply after securing new finance.
A £750,000 financing facility has been arranged through Bibby Invoice Discounting, with help from IFA Alan Anderson and former Deloitte investment consultant Paul Slater, Insider reports.
The move will see 35 of Pentland’s 41 employees transferred to the new company.
Mr McCartney said the new firm is targeting turnover of £6 million within two years but will aim not to become dependent on one customer for more than 30% of its work.
Blair Nimmo and Alistair McAlinden of KPMG were appointed joint administrators.