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 0191 401 3768.
Other queries for the administrators should be directed to Richard Curran at KPMG on 0191 401 3846.
Alison Anderson, PR manager, KPMG
T: 0113 254 2980 E: email@example.com
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.