Chief Executive, Dr Ivan McCabrey has blamed the intense competition in the construction industry for the drop in business as well as the ‘intense pressure on profit margins and cash reserves’ directed to the larger companies. After talks of a merger had failed to materialise, the Antrim-based company appointed Deloitte as administrators.
McCabrey said, ‘It is with regret therefore; that the directors have today sought the protection of administration in order to preserve the future options of the business.’
Sources reveal the company lost around £50 million between 2009 and 2011, which led to a complete restructure in 2012. However because of difficult, economic conditions, this change failed to work.
With the very recent news of the construction industry fighting back, this is a sad day for many as Mivan has shown there are still huge challenges in the sector.
If you are an employee of the business, and you're worried about what might happen in the future, then please listen to the video below as it will tell you your rights as an employee of a insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.