Mivan bought out of administration

Published Friday, 31 January 2014
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Antrim-based engineering company Mivan has been bought out of administration, with the property, plant, equipment and name all part of the deal.

Mivan bought out of administration
Mivan has been bought over after entering administration earlier this week. (© Pacemaker)

It was announced earlier this week that Mivan - which had employed 289 people - had ceased trading, but it has now been sold to Newry-based MJM Marine.

Administrator Peter Allen, from Deloitte, said: "We had initially hoped to achieve a sale of the business as a going concern, but this sale of the assets will provide an opportunity to continue the Mivan name and hopefully the Antrim facility.

"The assets have been sold as a package to a strong player in the industry - and potentially this will provide a platform for new jobs to be created."

MJM Managing Director Brian McConville added: "MJM have built up a strong reputation as a global player in the industry and there are obvious synergies between our two operations.

"There are exciting opportunities ahead to re-establish the Mivan brand in existing and new international markets."

DUP Enterprise Minister Arlene Foster has welcomed the development.

"Mivan had an excellent reputation and was renowned for its export success and it was a dreadful blow when challenging operating circumstances led to the firm going into administration," she said.

"I have kept in close contact with the administrator since the announcement was made and I welcome this positive outcome.

"As part of its plans to maintain and further develop the Mivan brand, MJM Marine Group will re-employ around 50 of the Antrim company's highly skilled staff."

© UTV News
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1 Comments
Val in Newtowabbey wrote (296 days ago):
Hope the layed off workers can get jobs back.
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