PENMAN Engineering, the Scottish armoured vehicle manufacturer, has been acquired by a new management team at the company.

Dumfries-based Penman Engineering said Stuart St John-Claire, James Craig, James Knox and Colin Welsh had bought the business without giving details. Penman was owned by a group of investors that included former directors Brian Findlay, Tony Rodgers, William Faerestrand and Andrew Smith.

Companies House records show the four men's appointments as directors of Penman Engineering Holdings ended on June 12. The latest accounts for Penman Engineering Holdings show it faced tough trading conditions in the UK during the year to March 2013, when the Coalition Government implemented deep cuts.

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