Wed, 07 Nov 2012 | ADMINISTRATION
A major building company in Northern Ireland has entered administration as a result of the “general downturn in the building sector”.
Based in Ballymena, the Patton group employs around 320 staff in various areas of construction. But tough times have forced the company to reassess its future and Tom Keenan of Keenan CF has been appointed to handle the administration.
Chairman of the group, Neil Patton, commented: “This is a very sad day for everyone connected to this family business and the communities we have served for the last 100 years.
"Administration became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cash flow."
It is not clear exactly what will happen to the firm, but among the possible options are a break up of the group. This could see some of the most profitable areas of Patton put on the market.
Patton was one of the construction firms that managed to see out the recession but the ongoing downturn appears to have been too much for the group to cope with. It fell behind on a number of key projects and last year posted a loss of £7 million.
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