Antrim-based construction company Mivan has been placed into administration.
The firm employs almost 300 people and specialises in fitting out cruise ships and high-end commercial and residential developments.
The company had entered talks with Lagan Group Holdings late last year about a possible takeover deal, but the discussions ended without agreement. Local UUP Councillor Paul Michael has called on the Executive to intervene to protect the many jobs at the Antrim-based company.
“This is very concerning news and everything that can be done should be done to protect the good standing of this company and the first class work force that has sold Antrim around the World,” Cllr. Michael said.
Mivan was founded by Ivan McCabrey in 1975 and he quickly moved into overseas contracting.
In the early 1980s, the firm was involved in a wide range of projects in Iraq, including power stations, apartments and a palace for Saddam Hussein.
The company continued to win work in the Middle East, including the restoration of the prestigious Dome of the Rock in Jerusalum for which it won a Queens Award for Export.
Other high profile jobs included fit-outs at Disneyland Paris, the Millennium Dome and One Hyde Park, London’s most expensive apartment development.
Chief Executive Ivan McCabrey said the company had suffered from intense competition in the global construction and fit-out market.
He said: “For some time we have been seeking to increase our international capacity and competitiveness through consolidation within the specialist construction and fit-out sector.
“I am aware that there has been considerable speculation around this issue and I can now confirm that our discussions have not resulted in agreement. Consequently, the directors have been reviewing future options in conjunction with our bankers and professional advisors.
“It is with regret therefore; that the directors have today sought the protection of administration in order to preserve the future options of the business.”