Mon, 12 May 2014 | ADMINISTRATION
Northern Irish concrete manufacturing firm Acheson & Glover is due to be bought by its former chief executive after entering administration earlier this month.
On Friday (9 May), a spokesman for Acheson & Glover Group Limited, the non-trading holding company that owns Acheson & Glover Limited and Acheson & Glover Precast Limited, confirmed that BDO had been appointed as the firm’s administrators on 2 May. The administration only impacts the holding company with the operational subsidiaries reportedly trading as normal while a sale is completed.
The spokesman also revealed that Acheson & Glover, which is based in Fivemiletown but has operations across Northern Ireland, is going to be sold to a company owned by Raymond Acheson, who has headed the business for more than 30 years. The sale will safeguard around 400 jobs.
Founded in 1960, Acheson & Glover manufactures and supplies a range of concrete products for use in construction projects across the UK and Ireland. The company fell into financial troubles as a result of the downturn in the construction industry across Ireland.
The firm has a turnover in excess of £16 million and the BBC reported that a note in its accounts stated that the firm had made "significant strides" in reducing its costs while "improving the geographical spread of its sales across the UK and Ireland". The note added that the restructuring of the debt would "significantly reduce the interest burden" on the group in the coming years.
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