Member Article

Oil and gas downturn results in liquidation and job losses at Gateshead firm

A North East subsidiary of US oil and gas operator Axon Energy Products Group has been entered liquidation, resulting in the loss of 9 jobs.

Axon Energy Products (UK) Limited, previously based on the Team Valley Trading Estate, Gateshead, was placed into liquidation on 20 December 2016 with Greg Whitehead of Northpoint appointed Liquidator.

The group specialises in the manufacture of products for global oil and gas industries. The UK operation’s principal activity was the research and development of new and existing products on behalf of the Group.

Greg Whitehead commented “As the oil and gas sector generally has seen a downturn in spending following a slump in oil prices, the Group has been unable to continue its support of the company.

“I understand that steps had been taken to reduce the Company’s overheads including attempting to sub-let part of the company’s under utilised premises, that would have reduced expensive rental obligations. Unfortunately, this did not prove possible.”