New owner says it looks forward to continuing firm’s 90-year history

New owners took over at Fergusson Coal a short time after it plunged into financial difficulties.

Blair Nimmo, Tony Friar and Neil Gostelow of KPMG were appointed as the Joint Administrators of Fergusson Group Limited and certain business and assets of the group were swiftly snapped up by CPL, who are based in Sheffield.

However nine jobs in Stirling are set to go as a result of the deal.

Based at the Castlecraig Business Park in Springkerse, Fergusson is one of the UK’s largest providers of solid fuel. The third generation family business was started in 1926 by Thomas Henry Fergusson - who famously founded Stirling Albion - and has 90 years’experience as coal merchants.

The company’s money problems were said to be as a result of the structural decline in coal’s share of UK electricity generation, the closure of Longannet Power Station, recent mild winters and volatility in the price of coal.

Administrators said, however, the group’s core business supplying coal and related products to consumers, retailers and other merchants in the UK has continued to perform strongly despite difficult conditions.

Blair Nimmo, joint administrator and UK head of restructuring at KPMG, said:“It’s no secret coal power generation has been in long-term decline for a variety of reasons, so we are happy to have been able to secure a future for Fergusson Coal through its new owner, CPL. This will provide employment for 79 of the company’s staff and ensure that as we head into colder weather, there is no disruption of supply to those that need it the most.

“All employees affected by redundancies are being provided guidance and support through the appropriate agencies.

Tim Minett, CEO at CPL Industries, said:“CPL is very pleased to have completed the acquisition of the Fergusson distribution and wholesale businesses.

“Fergusson has a proud 90 year history and we look forward to developing the business in the future. It is good that we have

It’s good that we have been able to continue the majority of operations