Northburn Industrial Services Limited (SC148908): administration
- Status
- Administration ended
- Administration began
- 2016-02-09
- Administrators' firm
- KPMG
- Incorporated
- 1994-02-08
- Location
- Glasgow
- Industry
- 19209 Other treatment of petroleum products (excluding petrochemicals manufacture)
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
From the administrators' statement
mw Having been incorporated on 8 February 1994, the Company was purchased by Turner in August 2013.
The Company operated from leasehold premises in Coatbridge, Aberdeen and Billingham, where its principal activity was the treatment and processing of waste oils and other associated waste. (Section 2 - Background and events leading up to the administration).
The Company produced two main product types, both of which were subject to Platt’s market prices, which are closely linked to the crude oil price. As the price of crude oil fell dramatically over 2014 and 2015, and with the business unable to reduce feed stock prices at the same rate, the Company began to suffer operational and cash flow difficulties.
Administrators' statement of proposals (2016-04-06) · Companies House register