Deal saves 80 jobs at supply firm

North Sea Ventilation Limited, on West Carr Lane, in the city, which supplies heating, ventilating, air conditioning and refrigeration equipment, appointed administrators on August 3.

They have since sold the business and certain assets to Terton Limited, a newly formed company, in deal which saves the jobs of all 80 employees, who transfer to the new owners.

The purchasing company is 100 per cent owned by Dynac UK Ltd, of which Paul Hart is director. Mr Hart was formerly a director of NSV until resigning in 2011.

North Sea Ventilation - a supplier to companies operating in hazardous environments, such as in the shipping and oil and gas sectors - is part of Australian-based Hastie Holdings which entered insolvency in May. The insolvency of the parent company ultimately led to NSV appointing administrators. Joint administrator for KPMG Howard Smith said: “We are very pleased to secure a sale of the business and assets of North Sea Ventilation that provides for a continuation of the business and employment for the workforce under its new ownership.”