Published Tuesday, 06 November 2012
The construction industry has been hard-hit by the economic downturn. (© Getty)
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.
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.
© UTV News