According to reports, the company is £3 million in debt after struggling to operate with a 30% drop in sales. Specialising in armoured vehicles manufacturing, Penman has worked with Ministry of Defence, NATO and G4S.
The administrator, Armstrong Watson, was appointed on Wednesday and has since been looking for a suitable buyer.
Joint administrator, Mark Ranson, said “We are currently focused on enabling the business to continue to trade during the administration process, in order that we can seek a sale of the business in order to preserve the maximum number of jobs.”
“We have already identified a considerable number of prospective purchasers and will be speaking to them over the next few days.”