Buyer sought as McMillan UK placed in receivership

McMillan UK, one of the industry's leading audio visual companies, have entered receivership at the request of the firm's directors.
Blair Nimmo and Neil Armour of KPMG Corporate Recovery were appointed joint receivers.
Headquartered in Arbroath, the business has ten offices supplying audio, video, and visual communications equipment to the broadcast, post-production and presentation markets across the UK and Ireland.
Established in 1982, the business employs approximately 140 staff, with an annual turnover of £20 million to the year ended 30 June 2003.
In a statement released on Tuesday, Blair Nimmo, KPMG Corporate Recovery Partner and joint receiver, said: "The business has experienced trading difficulties due to the general economic downturn which has continued to affect the advertising and related industries.
"Fortunately McMillan enjoys a good reputation within its marketplace and has a portfolio of high profile customers therefore we are confident that we can continue to trade the business as a going concern while looking for a buyer."
(GB)