Published Saturday, 22 February 2014
The company works with utility companies such as BT and NIE. (© UTV)
KPL Contracts entered administration on Friday despite decreasing debts and last minute efforts to restructure the organisation.
The company, which has its headquarters in Dungiven, is one of the leading utilities specialists in Northern Ireland, laying cables and pipes.
Administrators said on Saturday morning that efforts to save the business and continue trading had been unsuccessful.
I advised the workforce of the position yesterday afternoon and it is with regret that I had no alternative but to make all 202 workers redundant with immediate effect.
Joint Administrator Stephen Cave from PwC continued: "I said on appointment that the first hours would determine the company's financial position and future options.
"This included its ability to facilitate and fund the ongoing needs of key customers. However, our immediate review concluded that continuing to trade was not commercially viable.
"I can confirm that wages due yesterday have been paid."
KPL, which was established in 1994, directly employs over 200 people across NI and a large number of sub-contractors, operating from depots throughout the region, installing and maintaining water and sewage, electricity, telecoms and public lighting facilities.
In its last accounts it recorded a loss of almost £6.5m.
Sinn Féin MLA Cathal Ó hOisín said: "I am totally stunned. Even once the administrators came in there was still quite a lot of hope that some of the jobs could be saved.
"I was at a function last night where I talked to some of the employees and they were of that opinion as well, so to get confirmation that all 202 jobs have disappeared is absolutely shocking and will have a huge impact right across the north west."
Mr Ó hOisín added that he plans to bring the matter before the Assembly on Monday.
© UTV News