10/10/2011

NI Engineering Firm In Administration

A major civil engineering firm has gone into administration but it is hoped that the company will survive.

According to a report by BBC, PT McWilliams, a civil engineering firm based in County Tyrone, are trying to reach an agreement with creditors.

This agreement would see the creditors accepting less than the full amount they are owed but it would allow the firm to keep trading will little disruption.

The administrators said they believe the firm is likely to be profitable in the future.
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But it is due to a lack of working capital that the company cannot survive without the protection of an administration order.

PT McWilliams currently employs 160 people and was one of the companies awarded work on the new Enniskillen link road, in September.

Martin McWilliams, managing director of PT McWilliams, said "This has been a difficult time for the company, but we are heartened by the many expressions of support we have received in recent days.

"We wish to reassure our clients that they will see no disruption to their contracts."

(LB/CD)

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