129 jobs saved in sale of Moira firm
A total of 129 jobs have been secured at a Co Down construction company as administrators have secured its resale.
Thursday, 06 December 2012
McMullen Architectural Systems Limited went into administration on Thursday, at the request of its directors.
The company, based in Moira, specialises in curtain walling and window systems for small and medium scale building projects across the UK.
Operating for over 40 years McMullen has been involved in a number of landmark developments including Belfast properties, the Boat and the Obel.
The company was sold shortly after to a subsidiary of Lakesmere Limited, a construction company based in Winchester in England, safeguarding all 129 jobs at McMullen.
Lakesmere is a leading operator in the roofing and cladding sector in the industry.
"Falling demand, increased pressure on margins, investments in foreign markets and the general downturn in construction have collectively led to the directors' decision to appoint Administrators earlier today," Joint Administrator, Stephen Cave said.
He said the move was "another set back to the already embattled construction supply chain" but was pleased to announce the continuation of the business under new ownership.
The administrators at PwC said some temporary disruption to business activity and work in progress might occur as projects are transferred to the new owners.