Tue, 24 May 2011 | DIVISION SALE
The Scottish and Newcastle-based arms of Belfast-based construction company, the Carvill Group, are both to be affected by the company's administration.
Administrators are to be appointed to the Carvill Scotland and Newcastle operations this week, with a view to finding buyers for both arms and ensuring the completion of projects that are currently underway.
The Carvill Group entered administration this week, after months-long talks to try to establish a company voluntary arrangement with its lenders fell through. The Carvill Group appointed administrators from PricewaterhouseCoopers to deal with the Irish administration.
A spokesman for the company said putting the three companies into administration had been a decision made "with great regret".
"Unfortunately, due to the adverse economic climate which has depressed sales within the markets in which the group operates, and due to other reasons beyond its control, filing for the protection of administration was the only viable option," he said.
The company is thought to have been crippled by its 2006 purchase of the former airconditioning plant Sirocco Works on the east bank of the River Lagan in Belfast for £40 million, with the unsuccessful plan to develop the land.
Carvill had also tried to build up a landbank for its future developments, but encountered tremendous difficulty when the value of the landbank fell from £175.3 million to £127.3 million between 2007 and 2008.
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