Scotland business

MSIS jobs saved after buyer found for collapsed firm

Screen grab from MSIS website Image copyright MSIS

Nearly 90 jobs have been saved after an industrial cleaning firm with a focus on the oil and gas sector was bought out of administration.

Aberdeenshire-based MSIS had called in administrators after getting into financial difficulties.

The business and its assets have been bought by industrial cleaning firm Denholm MacNamee, a subsidiary of Denholm Oilfield Services.

The deal secures all 88 jobs at MSIS sites in Inverurie and Invergordon.

Administrators from Johnston Carmichael said MSIS had got into difficulties after failing to secure additional funding to overcome "challenging trading conditions and cash flow pressures from overseas expansion".

Joint administrator Richard Bathgate said: "We are very pleased to have concluded the sale of the business and assets to Denholm MacNamee, as this will provide the best outcome for the company's creditors, customers and skilled workforce."

Denholm Oilfield Services chief executive Michael Beveridge said the acquisition of Inverurie-based MSIS would bring "complementary skills and geographies" to its existing industrial cleaning business.

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