Defence manufacturer ‘Penman’ saved from closure
On the 15th November 2016, the directors of Martin Williams (Hull) ltd acquired the defence manufacturer Penman Engineering ltd. The company, established in 1859, went into administration on 31st August 2016. Penman Engineering specialise in the design and build of armoured vehicles. Its customers range from the UK government’s Ministry of Defence, the United Nations and NATO as well as various non-governmental organisations, humanitarian groups and international charities.
Nick Williams, director at Martin Williams (Hull), commented “The purchase of Penman Engineering takes Martin Williams into new sectors whilst still remaining within the commercial vehicle body building industry. Our aim is to get the company back into operation as soon as we can and we are looking to re-employ as many of the previous workforce as possible. We anticipate that the return to full staffing will be a gradual process, however we are hopeful to have a considerable number back in employment by Christmas. We are very keen to engage with all former employees and the local supply chain as quickly as possible to offer employment and subcontract opportunities moving forward.”
Philip Ashworth of Andrew Jackson’s solicitors York office acted for Martin Williams (Hull) in concluding the legal aspects of sale and the funding was provided by the Yorkshire bank.