100 Redundancies as McNulty Group Enters Administration
KPMG has been appointed administrator to McNulty Group Holdings and its subsidiaries, McNulty Offshore Construction Ltd and Consafe Engineering Services Ltd, with the loss of 100 jobs.
The Tyneside-based offshore oil and gas contractor, which also has an Aberdeen operation, was involved in engineering, pipe and structural fabrication and project management services.
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.
- FCA Planning to Launch a Financial Services Directory
- Cash Collection Company Coin Co bosses Banned from Being Directors After they Were Found to be at Fault of Holding onto £5.8m Owed to Company’s Clients
- Businesswomen Sent Behind the Bars for Claiming VAT Refunds Through Forged Invoices
- Businessman Disqualified for Eight Years for Avoiding Paying Debts to Creditors
- KPMG Launches an Initiative to help Black Employees
- ‘Significant weaknesses in Internal Controls’ Led to £1m Scottish Council Fraud
- Fifth of the Accountants in the UK Still using Paper Based Methods