Peter Allen of Deloitte, the business advisory firm, was appointed administrator of Mivan (No.1) Limited today.
The Antrim-based international engineering company Mivan No.1 Limited employs 289 people and is the main trading company created from a restructuring of the group in 2012.
Peter Allen of Deloitte, commenting on his appointment, said: “With the support of key stakeholders, including the bank, the business will continue to trade while all options are assessed.”
Mivan chief executive, Dr Ivan McCabrey, said that, while the global market for specialist construction and fit-out was recovering, competition was intense and pressures on margins and liquidity favoured the biggest international companies:
“For some time we have been seeking to increase our international capacity and competitiveness through consolidation within the specialist construction and fit-out sector,” Mr McCabrey said.
He added: “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.”
Mivan holds a Queen’s award for exports and has twice been named as UK Construction Firm of the Year. Previous Mivan contracts include re-roofing the historic Dome of the Rock mosque in Jerusalem and outfitting the interior of the Scottish parliament in Holyrood.
The company has twice refurbished the luxury liner, the QE2, outfitted the interiors of two Disney cruise liners.
Mivan was the largest general contractor on Euro Disney in Paris and undertook theme park development for Universal Studios in Orlando, Florida. The company was founded in 1975 by the current chief executive Ivan McCabrey, while he was still an engineering student at Queen’s University, Belfast.