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Onshore News: Second Cns firm in trouble

Posted on 25.05.2005 - 01:55 EDT in GENERAL NEWS by Rons_ROV_Links

Aberdeen firm Cns Renewables has followed its stablemate Cns Subsea into administration.

Neil Armour and Blair Nimmo of KPMG, who were already joint administrators at Cns Subsea, were appointed to Cns Renewables yesterday after a creditor petitioned for the winding-up of the company.

Mr Armour said the same creditor had previously petitioned to wind-up Cns Subsea; the move which forced it into administration.

Around one-third of the Cns Group's 39 employees were paid off when the first company went into administration. There have been no further layoffs.

Mr Armour and Mr Nimmo are continuing to seek a buyer and say a sale could now involve both Cns companies either together or separately.

The administrators have already said they have been encouraged by several expressions of interest.

Debts at the Cns companies are understood to run into several millions of pounds.

May 25, 2005

This Is North Scotland

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