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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)
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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.
