|06 November 2012|
Patton Construction Goes Into Administration
|One of Northern Irelandís leading construction firms has gone into administration.
Ballymena based Patton group has been appointed with administrators who will decide the firmís future.
Administrator Tom Keenan of Keenan CF is overseeing the process. Patton's will continue to operate as normal until then.
The company could be broken up, continuing to run according its most profitable parts or sold off in sections.
The Patton Group currently employs 320 staff throughout the various elements of its construction work.
Patton chairman Neil Patton said: "This is a very sad day for everyone connected to this family business and the communities we have served for the last 100 years.
"The directors have looked at every possible option to avoid administration, but it became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cashflow."
He added: "Unfortunately, the company has suffered from the widespread downturn impacting the construction industry and, as a result, has experienced a decline in trading performance.
"The financial position facing the business was such that administration was the last remaining option available to the directors."
The news follows a warning from the company on Monday that it was facing financial difficulties.
Patton had been one of the companies in Northern Ireland fortunate enough to survive the economic downturn, which has hit the construction sector particularly bad across the UK and Ireland.
Last year it posted a loss of £7m.
Patton's has been in business for 100 years.
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