North Sea Ventilation Ltd Calls in Administrators

August 07, 2012 /

North Sea Ventilation Limited, a Hull based supplier of heating, ventilating, air conditioning and refrigeration equipment, has called in KPMG’s Restructuring practice to wind up its business.

Shortly after their appointment the joint administrators Howard Smith and Mark Firmin sold the business and certain assets to Terton Limited, a newly formed company, in a going concern deal which saves the jobs of all 80 employees, who transfer to the purchaser.

North Sea Ventilation – a supplier to companies operating in hazardous environments, such as in the shipping and oil and gas sectors – is part of Hastie Holdings, an Australian based global business, which entered insolvency in May 2012.

The insolvency of the parent company ultimately resulted in North Sea Ventilation appointing administrators.

Howard Smith, joint administrator and associate restructuring partner at KPMG, said: “We are very pleased to secure a sale of the business and assets of North Sea Ventilation that provides for a continuation of the business and employment for the workforce under its new ownership.”

 

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