Mon, 13 Jan 2014 | ADMINISTRATION
One of Northern Ireland's most well-known construction companies, Mivan, has entered administration.
Based in Antrim, the company was restructured in 2012 following large losses on projects undertaken in Romania. However, the restructuring does not appear to have made enough of a difference and even then the firm admitted it was still facing “extremely challenging circumstances”.
A takeover deal was discussed with Lagan Group Holdings but no agreement was reached in the end, leaving Mivan to struggle on. As the business looks at its options now, Mivan's chief executive, Ivan McCabrey, confirmed in a statement that the directors have “sought the protection of administration in order to preserve the future options of the business”.
McCabrey founded the business in 1975, moving into overseas contracting including projects in Iraq and Paris. The firm also worked on One Hyde Park, London's most expensive apartment development.
Whether or not the business will be put up for sale is still under discussion, but administrators are thought to be looking at all options. Peter Allen of appointed administrator Deloitte said: "With the support of key stakeholders, including the bank, the business will continue to trade while all options are assessed."
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