Eighty-eight north and north-east jobs have been saved after industrial cleaning and environmental-waste management specialist MSIS plunged into administration and was swiftly acquired by a local rival.
The pre-pack deal was achieved by joint administrators at Aberdeen-based accountancy firm Johnston Carmichael (JC).
Inverurie-headquartered Denholm MacNamee, which has been associated with specialist cleaning and water-jetting services since the 1970s, snapped up MSIS – based at nearby Thainstone – after seeing its rival struggle with cash flow.
MSIS, which also has a base in Invergordon, was previously owned by private-equity firm Primary Capital Partners.
JC said the pre-pack – a sale of a struggling business negotiated before an administration – had saved all 88 jobs at MSIS, including that of chief executive Chris Lloyd.
Joint administrator Richard Bathgate said: “This will provide the best outcome for the company’s creditors, customers and skilled workforce.”
Graham Alexander, head of corporate finance, JC, added: “There was extensive interest in the business and we managed the process to narrow the field before selecting a shortlist of bidders and, ultimately, Denholm MacNamee to acquire MSIS.”
Denholm MacNamee is part of Denholm Oilfield Services, whose CEO, Michael Beveridge, said the business and assets of MSIS added “complimentary skills and geographies to our existing industrial cleaning business”.