Wed, 22 Nov 2017 | ADMINISTRATION
Northern Irish construction company McMullen Facades has gone into administration following financial difficulties at its parent company.
McMullen makes and installs buildings' facades and have undertaken a number of high-profile projects including the Obel building (which is Belfast's tallest) and the city's Soloist building, as well as a number of other commercial projects in London.
The company employs 275 people and had a turnover of £37 million last year, but since its parent company, Lakesmere Group, went into administration earlier this month, the business has been struggling and, as a result, administrators from Deloitte have been brought in.
Peter Allen and Richard Hawes of Deloitte have been charged with finding a buyer for the business and discussions are ongoing.
McMullen is continuing to trade and there no redundancies have been made as a result of the administration.
“McMullen Facades Limited is a profitable business that unfortunately has been affected by cash flow issues in the wider Lakesmere group,” said Mr Allen.
“McMullen therefore has continued to trade outside of insolvency while a buyer was sought. The business will continue to trade while we seek to sell it as a going concern and there are ongoing discussions with a number of interested parties.”
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