Drop in attacks sparked PMSC administration
DC now focusing on other areas.
Drop in Somali pirate attacks sparked Drum Cussac administration
A “rapid decline in the market demand”, in part brought about by a reduction in the number of attacks on shipping vessels by Somali pirates, contributed to the administration of Poole-headquartered risk management company Drum Cussac, a new report has revealed.
But the business, which is now owned by Root Capital, has an “exciting future” ahead of it with the turnaround investor setting aside £7m to aid future growth.
Insider reported in February that Will Wright and Mark Orton of KPMG were appointed joint administrators of DC RMS Ltd and DC RMS Holdings Ltd. The companies specialised in the security of people and assets.
A report from the administrators said the group had a number of customers in the oil industry which, following the drop in oil prices, cut back on expenditure.
This in turn led to a reduction in the sales pipeline and profitability, resulting in a “significant short term cash requirement”.
Its funder Noetics London Ltd, owned by Rcapital, confirmed it was unable to provide further investment and in January 2015 the company instructed KPMG to look into its options, including potential sale and investment opportunities.
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