A North Yorkshire supplier of pipeline maintenance services to the global oil and gas sector has fallen into administration with the loss of 83 jobs.
Administrators from Kroll were appointed to Catterick-based Pipeline Engineering & Supply Co. Limited after its parent company Circor International Ltd failed to find a buyer for the business, which it says had seen "accounting irregularities".
Circor announced it wanted to exit the Pipeline Engineering & Supply Co business in March after finding the irregularities - which it said appeared to account for balance sheet and income statement entries in the range of £26.7m ($35m) to £34.3m ($45m) of pre-tax income on a cumulative basis over a period of at least five years.
