A FIFE-based engineering company, bought by its management from
receiver KPMG Peat Marwick, has gone into receivership for the second
time in 18 months. BTE (Glenrothes) was formed in April 1993 when the
business and assets of Barr Thomson Engineering were bought by its
management team. The receiver had been called in four months earlier.
A little over 12 months later, the new directors have had to call in
the receiver with the immediate loss of 45 jobs at the plant on the
Queensway Industrial Estate in Glenrothes.
Receiver Blair Nimmo of KPMG Peat Marwick said the company had
traditionally had a strong presence mainly as a sub-contractor in the
coal industry. Barr Thomson was the former mining industry arm of
Anderson Strathclyde. The intention of the new management team had been
to expand into the oil and gas sector.
This had proved extremely difficult because of the competitive nature
of the sector. ''This combined with the virtual disappearance of their
coal-related business has led to the company's present trading
difficulties.''
The directors had been negotiating the sale of their new town site in
the hope of providing a cash lifeline, he said. But when the talks had
become protracted they had decided they could no longer continue.
KPMG is continuing to trade BTE at a reduced level with the remaining
staff of 30. Mr Nimmo said some interest had been expressed in the
company. ''We have contacted those companies who showed an interest when
the company was in receivership first time round and a series of site
visits have already taken place.''
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