Lurgan firm closes as search for buyer fails
The Lurgan firm of Maurice Stevenson Limited (MSL) has closed today (Friday) after attempts to find a buyer failed.
The family-owned engineering firm employs 33 workers.
Today staff received a letter from the administrator saying it had been unable to find a buyer for the business, trade and assets of the company.
The letter added, “I am left, therefore, with no alternative other than to terminate all employees today Friday 10 February 2017.”
The company, one of Northern Ireland’s longest established mechanical installation firms, appointed administrator Gerard Gildernew just over a week ago to assess the options available to the business.
Stevenson’s, which has a history stretching back almost 100 years, is based in Annesborough Industrial Estate.
In recent years, it had experienced a number of financial challenges following a downturn in the sector.