BusinessBusiness RecoveryPwC called in at Stable Holdings

PwC called in at Stable Holdings

Insolvency experts from PwC handed reins of troubled company providing drilling parts to sub-contractors in the oil and gas sector

Partners from PwC have been called in at oil and gas drilling parts provider
Stable Holdings Limited.

Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers LLP were
appointed as joint administrators of the Aberdeen-based group and related
businesses Stable Leasing Limited, Stable Services Limited and Holsco L
yesterday, making 36 staff redundant immediately.

Stable Holdings is a niche operator in the oil and gas industry,
manufacturing, renting and trading down-hole tools to drilling sub-contractors.

Bruce Cartwright, joint administrator said: ‘Following a buy-out in December
2006, the group has grown from an annual turnover of £7m to £22m. Despite a good
underlying business, due to rapid expansion in a challenging economic climate,
pressure has been put on working capital.

‘It is with regret that we have had to make 36 redundancies upon
appointment.’

After the job cuts there are currently 43 staff still employed at the
company.

‘We intend to pursue a sale of the business and assets of the group as a
going concern,’ Cartwright added. ‘Whilst a buyer for the business is sought, we
will work with the company’s existing management team. There are no further
redundancies at this time.’

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