Jobs Axed as Stable Holdings Goes into Administration

3 August 2009 (Last Updated August 3rd, 2009 18:30)

A total of 36 oil workers at Scottish oil and gas company Stable Holdings have been made redundant after the business went into administration, it has been revealed. Administrators PricewaterhouseCoopers said that Stable Holdings had a good underlying business but rapid expansion put p

A total of 36 oil workers at Scottish oil and gas company Stable Holdings have been made redundant after the business went into administration, it has been revealed.

Administrators PricewaterhouseCoopers said that Stable Holdings had a good underlying business but rapid expansion put pressure on working capital, according to the Scottish Daily Record.

In a statement, group chief executive Rod Coffey said: "We are all hoping that a buyer or an investor can be found quickly to save the undoubted potential of this company."

Stable has 43 workers remaining, according to the paper.