Administrators “hopeful” of McGill sale after preferred bidder appointed

CATALUS Energy Investments Limited has been appointed preferred bidder for Dundee-headquartered McGill & Co.

Administrators KPMG have granted the organisation a period of exclusivity to acquire the business and certain assets.

Blair Nimmo, global head of restructuring and joint administrator at KPMG said, “Agreement of the sale is subject to due diligence and contractual agreement, however, both parties are hopeful that a transaction can be concluded in early course. Further information will be available in due course.”

McGill & Co went into administration on February 1, resulting in the immediate loss of 374 jobs. Reduced margins, combined with contract and payment delays and a downturn in billable work during the winter months left the company with “significant funding shortfall”, administrators said at the time.