06/04/2004
Minister discusses Mallusk coachbuilder's plight
Local politicians have met with newly appointed NIO Enterprise, Trade and Investment Minister Barry Gardiner to raise the plight of Mallusk bus manufacturing company Walter Alexander.
The cross party delegation, including former Minister Sir Reg Empey, East Antrim MP Roy Beggs and members of other parties, highlighted that the problems were as a result of the parent company's difficulties and are seeking intervention by Invest NI if a suitable buyer is identified.
Sir Reg said: “The Minister explained that the reason Walter Alexanders is in trouble is because of the decision by its parent company’s bankers, the Royal Bank of Scotland, to put the Mayflower group into administrative receivership.
“This move has been provoked by a number of financial irregularities in the parent company due to the fact that the company also has heavy borrowings.
“We also were told that there is a £17 million shortfall in the company’s pension fund and we are attempting to establish the full implications of this for the local workforce which totals 177. This matter has been referred to the Financial Services Authority for investigation.
“The receivers Deloite and Touche will be attempting to sell the business as a going concern. The company currently accounts for 70 per cent of bus registrations in the UK so there is a strong business there to be saved.”
Sir Reg said they had received assurance from the Minister that Invest NI would enter into negotiations with any perspective buyer with an open mind as to what help could be offered.
He added: “We expect an announcement very soon on what initial steps the receivers will be taking but this is a very trying and testing time for a workforce who through no fault of its own find their positions in jeopardy.”
(SP)
The cross party delegation, including former Minister Sir Reg Empey, East Antrim MP Roy Beggs and members of other parties, highlighted that the problems were as a result of the parent company's difficulties and are seeking intervention by Invest NI if a suitable buyer is identified.
Sir Reg said: “The Minister explained that the reason Walter Alexanders is in trouble is because of the decision by its parent company’s bankers, the Royal Bank of Scotland, to put the Mayflower group into administrative receivership.
“This move has been provoked by a number of financial irregularities in the parent company due to the fact that the company also has heavy borrowings.
“We also were told that there is a £17 million shortfall in the company’s pension fund and we are attempting to establish the full implications of this for the local workforce which totals 177. This matter has been referred to the Financial Services Authority for investigation.
“The receivers Deloite and Touche will be attempting to sell the business as a going concern. The company currently accounts for 70 per cent of bus registrations in the UK so there is a strong business there to be saved.”
Sir Reg said they had received assurance from the Minister that Invest NI would enter into negotiations with any perspective buyer with an open mind as to what help could be offered.
He added: “We expect an announcement very soon on what initial steps the receivers will be taking but this is a very trying and testing time for a workforce who through no fault of its own find their positions in jeopardy.”
(SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 August 2008
NI Students Celebrate Exam Success
GCSE students are celebrating top grades in the biggest annual rise since 1990 - with the Province outperforming the mainland. Northern Ireland beat England, Scotland and Wales with 26.4% awarded A* or A.
NI Students Celebrate Exam Success
GCSE students are celebrating top grades in the biggest annual rise since 1990 - with the Province outperforming the mainland. Northern Ireland beat England, Scotland and Wales with 26.4% awarded A* or A.
05 September 2002
Shorts Bombardier to axe 461 jobs
Belfast-based aerospace company Shorts Bombardier has announced that 461 jobs are to be axed. The news was communicated to staff at a management meeting at 2pm this afternoon.
Shorts Bombardier to axe 461 jobs
Belfast-based aerospace company Shorts Bombardier has announced that 461 jobs are to be axed. The news was communicated to staff at a management meeting at 2pm this afternoon.
05 March 2002
Trade Minister visits County Down textile company
The Minister for Enterprise Trade and Investment Sir Reg Empey has paid a visit to County Down textile company Bradfor Ltd. The company, which is based in Rostrevor in south Down, manufactures aircraft seat covers and is currently seeking to expand its workforce.
Trade Minister visits County Down textile company
The Minister for Enterprise Trade and Investment Sir Reg Empey has paid a visit to County Down textile company Bradfor Ltd. The company, which is based in Rostrevor in south Down, manufactures aircraft seat covers and is currently seeking to expand its workforce.
12 February 2004
Lawyers winners on De Lorean case costs says report
Legal fees in the long-running legal action taken by government in a bid to recover some of the £77 million of public money poured into the failed De Lorean Motor Company have amounted to almost £21 million. Although De Lorean receivers paid out £17.6 million, the cost of legal fees in the ten-year court battle in America reached £20.3 million.
Lawyers winners on De Lorean case costs says report
Legal fees in the long-running legal action taken by government in a bid to recover some of the £77 million of public money poured into the failed De Lorean Motor Company have amounted to almost £21 million. Although De Lorean receivers paid out £17.6 million, the cost of legal fees in the ten-year court battle in America reached £20.3 million.
18 June 2025
Consultation Launches On Baby Loss Certificate Scheme
A public consultation has now been launched seeking views on a Baby Loss Certificate Scheme, which will be open to parents who have experienced the loss of a baby prior to the end of the 24th week of pregnancy.
Consultation Launches On Baby Loss Certificate Scheme
A public consultation has now been launched seeking views on a Baby Loss Certificate Scheme, which will be open to parents who have experienced the loss of a baby prior to the end of the 24th week of pregnancy.
-
Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.