THE FUTURE of Penman MW Limited has been secured after the trading business was sold out of administration to commercial vehicle builder, Martin Williams (Hull) Limited.
Blair and Nimmo and James Lumb, from KPMG’s Restructuring practice, were appointed joint administrators of Penman MW Limited on the 15th January 2020.
Based in Dumfries, the business has been in operation since 1859, specialising in the design, construction and software development of security and armoured military vehicles.
In 2017 the business was rescued from a previous administration, but – despite its long heritage and considerable efforts from staff and owners – cash pressures made Penman MW Limited unsustainable.
Following today’s sale announcement, 16 remaining members of staff, who have been working with the Administrators since their appointment, will be transferred to Martin Williams (Hull) Limited.
The Administrators have retained the intellectual property in Penman MW Limited’s armoured vehicle system and currently exploring sale options.
Blair Nimmo, Head of Restructuring at KPMG UK and joint administrator, said:
“The Penman business has a rich heritage in Dumfries and its team of employees are renowned for their knowledge and innovation in the field. Despite the company’s best efforts, cashflow challenges meant the business in its previous form could no longer find long-term sustainable solutions, leaving it no other choice but administration.
“Today’s announcement secures the future of 16 highly skilled roles in Dumfries. The buyer has previously invested in and understands the strength and growth potential of the Penman business. Our focus now as Administrators will be on securing the sale of Penman MW Limited’s armoured vehicle intellectual property.”