McMillan, one of the UK's largest equipment suppliers, was this week forced to call in the receivers. Blair Nimmo and Neil Armour of KPMG Corporate Recovery have been appointed joint receivers at the request of the directors, writes Sam Espensen.
The company, which was founded in 1982, has 10 offices, employs 140 staff and had a turnover of£20m to the year ending 30 June 2003. "The business has experienced trading difficulties due to the general economic downturn," said Nimmo.
KPMG spokesperson Wilma Littlejohn added that it was "far too early" to comment on whether offices would be closed or staff cut, as KPMG was only appointed on Monday (3 November). She stressed that the company was only just beginning to look at monies owed and said "anyone with an interest should contact us as soon as possible".
Nimmo is cautiously optimistic about the company's future. "Fortunately, McMillan enjoys a good reputation within its marketplace and has a portfolio of high value customers. Therefore we are confident we can continue to trade the business as a going concern while looking for a buyer." No one from McMillan was available for comment.
McMillan supplies audio, visual and communications equipment to the broadcast, post-production and presentation markets. The company's HQ is in Arbroath.