More than 100 jobs are at risk with the announcement that Acheson Holdings has placed its precast division Acheson & Glover Precast Limited into administration.
The firm said the move follows an in-depth review of the business over a 12 month period following a downturn in market demand for its flooring and precast products in the UK.
The company currently employs 105 people, 20 of whom are in GB with the remainder based at Ballygawley, Co Tyrone.
The Group’s other trading company, Acheson & Glover Limited which employs around 230 people will be unaffected.
The directors of Acheson Holdings Limited said the business had been losing money for some time. In 2018 the company consolidated and closed one of its two factories, but a statememnt said demand continued to fall by 35-40% leaving management with no further options.
“We are disappointed to have to make this decision and we will be doing all we can to minimise its impact,” said the statement issues on behalf of chairman Colin Walsh and directors Raymond Acheson, Stephen Acheson and Keith Scott.
“Our people are the very heart of our business and we fully understand how difficult this will be for our colleagues so the decision to cease precast manufacturing has only been made after lengthy consideration.”
“Over the past 18 months our Acheson & Glover Limited business which produces high added-value products, largely for the specification market, has continued to grow profitably. This business is now performing more strongly than at any time in the last eight years with a strong order book for high added-value products aimed at the Specification market across the UK and Ireland. We can assure our staff, customers, suppliers and other external stakeholders that our Acheson & Glover Limited business is unaffected by today’s announcement.”
Tom Keenan and Scott Murray from Keenan CF have been appointed as Joint Administrators.