Patton constructors in administration

Published Tuesday, 06 November 2012

Ballymena-based construction company Patton has gone into administration due to financial difficulties experienced as a result of the industry downturn.

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Trading will continue while the administrator, Tom Keenan of Keenan CF, explores possible options.

Chairman of the family-owned business, Neil Patton, said in a statement on Tuesday that entering administration was a last resort.

"The directors have looked at every possible option to avoid administration," he said.

"But it became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cash flow."

This is a very sad day for everyone connected to this family business and the communities we have served for the last 100 years.
Neil Patton

Mr Patton added: "The financial position facing the business was such that administration was the last remaining option available to the directors."

Options for the future could include the sale of either the whole company or parts of it.

Patton, which employs 320 staff, has traded for 100 years and has a total turnover of around £140m.

It specialises in house building, fit-out and construction, and posted pre-tax losses of £7m last year.

Comments

1 Comments

Caroline Brennan in Downpatrick wrote (194 days ago):

My husband works as a subcontractor to Pattons. They owe him £97,000. We will probably have to sell the house, where we live with our 2 young children. Possibly even facing bankruptcy. The closure of Pattons will also affect 7 subcontractors that work for my husband. The bank have a lot to answer for. We, the taxpayers, bailed the banks out when they were in difficulty and now when any business is in difficulty, the banks do not return the favour. Pattons were making money, ok, a little money, and increasing their turnover. But because the bank wouldn't ease the burden, half the country and beyond is forced to suffer. Further deepening the recession and hardship for many.