A well known Scottish plant hire firm has entered liquidation after near half a century of trade.
All jobs have been lost at a Fife based plant hire firm James Penman (Plant hire) Limited as it was put into liquidation despite trading nearly 50 years.
Thirty five members of staff have been made redundant at family-run James Penman Plant Hire in Kirkcaldy after joint provisional liquidators were appointed on Tuesday, March 5.
The company had been trading since being founded in 1974 by James Penman’s father but struggled to maintain its “financial obligations”.
James and Wendy Penman and Jane Downie are no longer listed as directors on Companies House.
Callum Angus Carmichael and Michelle Elliot of business advisory firm FRP Advisory have been appointed as liquidators.
FRP partner Callum Carmichael said: “James Penman struggled to maintain its financial obligations which stemmed from the pandemic and, regrettably, has entered liquidation.
“Our job now is to focus on supporting all staff that have been impacted with their applications to the redundancy payments service as we wind down the remaining business.”
The company was registered at Lea Rig, Tyrie Farm, near Kirkcaldy, Scotland.
A statement on the company’s website read: “The affairs, business, and property of James Penman (Plant Hire) Limited the ‘company’ are being managed by Callum Angus Carmichael and Michelle Elliot who were appointed joint provisional liquidators of the company on March 5. The joint provisional liquidators act as agents of the company and without personal liability.”
In its accounts for the year ending September 30 2022, the company’s fixed assets were valued at close to £1.4 million, down from £1.6 million a year earlier, while current assets were valued at just under £1.2 million, compared to £2.1 million a year earlier. At the time, the company’s net assets were valued at £529,102, down from £953,789 the previous year.
