Wed, 18 Apr 2012 | ADMINISTRATION
Belfast-based waste management business Skipway has been sold on for £786,000 after its parent entered administration.
The identity of the new owner of Skipway has not been revealed. Its previous owner O’Neill Contracts Ltd entered administration in February. Its administrator KPMG also intends to sell off seven properties owned by the firm, which are houses and industrial sites in West Belfast and Dunmurry.
O’Neill Contracts’ civil engineering operation has been closed down and 46 employees’ jobs cut.
The company failed after being hit by the slowdown in the construction sector. It owes £3.5 million in total and mainly to banks. Its largest debt of £1.25 million is to Bank of Ireland.
Unsecured creditors are owed £1.3 million in total. The Magherafelt quarry and construction firm FP McCann is owed £395,000.
Established in 1998, Skipway offers waste management specialising in timber, ferrous and non-ferrous metals, masonry, green waste and plastics. It also provides wood recycling, which is then processed for use in panel board manufacture and animal bedding, and skip hire.
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