Reef Subsea UK, part of the Norwegian group Reef Subsea AS, appointed joint administrators Dan Butters and Adrian Berry of Deloitte on 3rd March. The company suffered financially following its parent Norwegian company going into administration the month before.
The administrators will oversee the running of the company, ensuring it continues to trade while they look for potential buyers.
It was hoped the UK business would survive by finding additional funding, unfortunately Reef Subsea UK was unable to find an investor in time and administrators were called in.
Dan Butters said “Following the bankruptcy of the wider group, the directors have sought to secure the survival of the business.”
He continued, “These efforts are ongoing whilst the administrators trade the business but unfortunately we have had to make a number of redundancies today in order to reduce ongoing costs. Our specialist team is supporting those employees affected.” Out of 70 employees, 43 have been made redundant.
According to the accounts, turnover for the company in 2014 was £99 million with tax losses of £15.9 million.