Buyers circle as TAG boss confirms jobs lossesBy Matthew Ord, Digital Staff Writer
TAG Energy Solutions' chief executive Stuart Oakley has confirmed to Insider that there were 74 redundancies at the company in September, but has denied that the Billingham-based company was in administration. Oakley also revealed the manufacturer was in talks with a number of potential buyers.
Reports began to circulate that the company had entered administration but Oakley told Insider that in fact was not the case.
"The facts are that we are for sale, we are not in administration and there were 74 redundancies in September," Oakley told Insider.
"Talks are ongoing with a number of potential buyers in a process that has been ongoing since April."
However, Insider understands that an insolvency restructuring specialist is currently working behind the scenes at the company.
TAG's most recent set of accounts for the year end 30 December 2012 report a pre-tax loss of £9m and turnover of £4m.
It operates the UK's only automated tubular production facility for the rolling and welding of large diameter steel tubes utilised for offshore foundations including monopiles, transition pieces, tripods and jackets.
The company began the delivery of key components for the Humber Gateway project in August this year.