Building firm Mivan in administration

Building firm Mivan in administration

Antrim-based building firm Mivan has gone into administration.

The business, which employs 289 workers, decided to call it a day after the failure of recent merger talks.Chief Executive Ivan McCabrey said the company had suffered from intense competition in the global construction and fit-out market.He said: "For some time we have been seeking to increase our international capacity and competitiveness through consolidation within the specialist construction and fit-out sector."I am aware that there has been considerable speculation around this issue and I can now confirm that our discussions have not resulted in agreement. Consequently, the directors have been reviewing future options in conjunction with our bankers and professional advisors."It is with regret therefore; that the directors have today sought the protection of administration in order to preserve the future options of the business."Mivan has worked on projects all over the world including re-roofing the Dome of the Rock mosque in Jerusalem, fitting out the interior of the Scottish parliament at Holyrood, refurbishing the luxury liner the QE2 and Euro Disney in Paris.It has twice been named as UK Construction Firm of the Year.Mayor of Antrim Roderick Swann told UTV the news is "very disappointing" for the area.He added: "We've always considered Mivan one of our local success stories and this is a very sad situation. I think this news will have a major impact on Antrim."Business advisory firm Deloitte has been appointed administrator to Mivan.Peter Allen of Deloitte said: "With the support of key stakeholders, including the bank, the business will continue to trade while all options are assessed."

© UTV

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