UK marine survey company Bibby Hydromap has entered administration with the loss of around 100 jobs.
KPMG’s Andrew Stone and Rick Harrison were appointed as joint administrators on 3 April after the Birkenhead-based outfit, which was active in offshore wind, failed to find an investor following a period of “sustained cash flow pressure”.
The majority of 108 staff have been made redundant with a small workforce kept on to support the administrators and the completion of certain parts of a commercial contract.
Stone said: “The company had come under sustained cash flow pressure for some time, culminating in it embarking on an accelerated sales process to identify potential buyers or investment partners.
“While a number of expressions of interest were received from both financial investors and trade parties, unfortunately this interest did not materialise into any viable offers.”
He added the challenges the company faced were not related to the COVID-19 pandemic.
“Despite exploring the government schemes that have been put in place, these schemes were not suitable to fix the issues at hand resulting in the directors taking the difficult decision to place the company into administration,” he said.
“We will be working with the employees over the coming days ahead to ensure they have all necessary support at this difficult time.”
Bibby Hydromap was an established marine survey, data processing and reporting business that operated predominantly within the UK and Northern Europe. It owned and operated a fleet of four specialist vessels
Parties which may be interested in acquiring the company’s assets are invited to contact: bibbyhydromap@kpmg.co.uk.