DCSIMG

Company to close with loss of 140 jobs

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One of Northern Ireland’s leading engineering companies closed today with the loss of more than 140 jobs.

Mivan, which specialises in fitting out cruise ships and high end commercial and residential developments, confirmed it had ceased trading.

Almost 100 redundancies were announced earlier this month when administrators were called in. Another 144 jobs are to go at the Antrim-based company.

Peter Allen of Deloitte, the business advisory firm, said there had been expressions of interest in the business as a going concern.

He added: “We received a number of indicative officers, but unfortunately no purchaser was able to complete. Although the business will now close, we are hopeful that there will be meaningful interest in a packaged sale of the assets.”

A small number of staff are being retained while outstanding contracts are completed. The firm which employed 289 people at one stage announced 98 redundancies earlier this month when it was placed into administration after some clients cancelled contracts.

Mivan made massive losses on projects in Romania. The business was restructured in 2012, but continued to face difficulties and late last year entered into talks about a possible takeover deal with Lagan Group Holdings. Those discussions ended without agreement.

 

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