The chief executive of Nottingham-based Avingtrans (www.avingtrans.plc.uk) says that the engineering group is looking to explore opportunities in a number of new sectors.

Steve McQuillan made his announcement following the news that the company plans to sell its Leicestershire aerospace business — Sigma Components — to Anthony Bidco Ltd. It will use the cash to re-pay debts and “build its presence in the energy market”.

Mr McQuillan said: “Our view is that we are not precious about anything, because our key duty is to maximise shareholder value. If the best result for our shareholders is to dispose of businesses, then we are not scared of doing that.”

He added that there are substantial opportunities for the group, particularly when it comes to nuclear decommissioning. Mr McQuillan’s comments come a year after Avingtrans’ Stainless Metalcraft business won an order — expected to be worth £47 million over the next decade — to provide storage containers to Sellafield.

“We think we’ve got less than 10% of what can be achieved at Sellafield, which is only half of the decommissioning market in the UK. There’s a very substantial opportunity for businesses like us to capitalise on that sector.

“In the immediate future, there will be a focus on energy. You might wonder whether at some point oil and gas will be a good place to be; we retreated from there last year, but clearly there are a lot of cheap assets in the sector. We might look at mining, construction and other areas. We are quite wide-ranging in our thinking, and we are keeping our options open.”