Menu
30/10/2009
Machinery Firm Runs Into Trouble
As many as 80 jobs are in jeopardy at a Co Armagh farm machinery company, which has gone into administration.
Redrock Engineering has stopped all manufacturing, blaming the impact of the recession.
The accountant called in to run the firm said he will keep it open for business while he searches for a buyer for the business which has been trading for over 33 years.
It is a major exporter of high quality agricultural and construction machinery into the Irish, UK and European markets.
Managing Director of the company, Samuel Hughes, said: "This is a sudden and distressing situation for the directors, management and staff.
"Up until this point we have been a successful company, however we have found it increasingly difficult to manage the downturn in spending in both the agricultural and construction markets.
"Over the past 18 months, there has been a very substantial reduction in demand for construction products and the difficult trading conditions in the agricultural industry have resulted in a reduced demand for products, particularly over the past six months.
"We have been faced with major cash flow challenges that have become impossible to sustain. Given the significant financial difficulties we had no choice but to appoint administrators," he explained.
"We have a highly skilled staff who deserve recognition of their talents, hard work, loyalty and dedication to this company.
"I want to pay tribute to them and express my deepest regret that they are facing this uncertainty," he said.
The administrator, Sean Cavanagh of Cavanagh Kelly Chartered Accountants, has advised that a review of the company's operations is being conducted with a view to assessing the options open to the business, which may include selling the company as a going concern.
(BMcC/KMcA)
Redrock Engineering has stopped all manufacturing, blaming the impact of the recession.
The accountant called in to run the firm said he will keep it open for business while he searches for a buyer for the business which has been trading for over 33 years.
It is a major exporter of high quality agricultural and construction machinery into the Irish, UK and European markets.
Managing Director of the company, Samuel Hughes, said: "This is a sudden and distressing situation for the directors, management and staff.
"Up until this point we have been a successful company, however we have found it increasingly difficult to manage the downturn in spending in both the agricultural and construction markets.
"Over the past 18 months, there has been a very substantial reduction in demand for construction products and the difficult trading conditions in the agricultural industry have resulted in a reduced demand for products, particularly over the past six months.
"We have been faced with major cash flow challenges that have become impossible to sustain. Given the significant financial difficulties we had no choice but to appoint administrators," he explained.
"We have a highly skilled staff who deserve recognition of their talents, hard work, loyalty and dedication to this company.
"I want to pay tribute to them and express my deepest regret that they are facing this uncertainty," he said.
The administrator, Sean Cavanagh of Cavanagh Kelly Chartered Accountants, has advised that a review of the company's operations is being conducted with a view to assessing the options open to the business, which may include selling the company as a going concern.
(BMcC/KMcA)
Related Northern Ireland News Stories
Click here for the latest headlines.
15 November 2024
New £4.3m Grant To Boost Business Innovation
Economy Minister Conor Murphy has launched the Business Innovation Grant (BIG), a new £4.3 million initiative designed to stimulate innovation and enhance productivity among Northern Irish businesses. The scheme, developed by Invest Northern Ireland and delivered in partnership with Innovate NI, is open to micro-businesses, sole traders, and SMEs.
New £4.3m Grant To Boost Business Innovation
Economy Minister Conor Murphy has launched the Business Innovation Grant (BIG), a new £4.3 million initiative designed to stimulate innovation and enhance productivity among Northern Irish businesses. The scheme, developed by Invest Northern Ireland and delivered in partnership with Innovate NI, is open to micro-businesses, sole traders, and SMEs.
13 October 2008
No 'Recession' In Cross-Border Commerce
Despite 'recession' cross-border trade is said to be holding its own amid general business gloom. The latest all-island Business Monitor survey of 1,000 companies confirmed that cross-border trade is not suffering the same decline as other areas of the economy.
No 'Recession' In Cross-Border Commerce
Despite 'recession' cross-border trade is said to be holding its own amid general business gloom. The latest all-island Business Monitor survey of 1,000 companies confirmed that cross-border trade is not suffering the same decline as other areas of the economy.
10 October 2008
Pork Processing Factory Forced To Close
Stevenson's has announced their food processing plant in Cullybackey is to close. It is understood that up to 100 jobs will be lost. A statement released by the company blamed increased trading costs and adverse business conditions for the factory shut down. The statement said: "The price we pay for pigs has risen by £32.
Pork Processing Factory Forced To Close
Stevenson's has announced their food processing plant in Cullybackey is to close. It is understood that up to 100 jobs will be lost. A statement released by the company blamed increased trading costs and adverse business conditions for the factory shut down. The statement said: "The price we pay for pigs has risen by £32.
19 June 2013
NIHE Building Firm In Administration
A building firm which carried out repair work for the Northern Ireland Housing Executive (NIHE) has gone into administration. According to the Belfast Telegraph, Mel Davison Construction said increased financial pressures were to blame for the move. The Belfast and Portadown-based company currently employs around 150 staff.
NIHE Building Firm In Administration
A building firm which carried out repair work for the Northern Ireland Housing Executive (NIHE) has gone into administration. According to the Belfast Telegraph, Mel Davison Construction said increased financial pressures were to blame for the move. The Belfast and Portadown-based company currently employs around 150 staff.
20 February 2006
Tayto takes over Golden Wonder
Northern Ireland Crisp manufacturers Tayto have today announced its acquisition of the Golden Wonder manufacturing facility at Scunthorpe which had been placed in administration. This also includes the other Golden Wonder brands of Golden Skins crisps, Golden Lights and Ringos.
Tayto takes over Golden Wonder
Northern Ireland Crisp manufacturers Tayto have today announced its acquisition of the Golden Wonder manufacturing facility at Scunthorpe which had been placed in administration. This also includes the other Golden Wonder brands of Golden Skins crisps, Golden Lights and Ringos.
-
Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
