More than 30 jobs have been saved after the assets of engineering firm Pentland Precision were bought out of administration.
The Midlothian firm called in administrators from KPMG last week after struggling with debts for several years.
Managing director Robert McCartney and directors Alan Noble and Graham Young are to resurrect the business under the name of Pentland Material Supply after securing fresh finance.
They have transferred 35 of Pentland’s 41 employees and McCartney says the Loanhead firm has substantial orders in the pipeline.
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.
Pentland suffered in 2017 from the loss of major customer Babcock, with which it worked on liquid natural gas (LNG) container ships. But a resurgence in LNG-related orders has lined up new work for the firm with Babcock and other customers. The firm is retrofitting ships to carry LNG from regions too far away to pipe the gas, such as Australia.
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.
Alistair McAlinden and Blair Nimmo of KPMG are working on the administration of Pentland Precision.
