Consultancy firm employees saved by takeover plan
Published 19/09/2012 | 08:00
Around 90 jobs have been saved at a design and engineering consultancy in Belfast as plans are confirmed for its takeover by a linked company.
WYG plc has said it will buy the three Northern Ireland WYG subsidiaries, based at Montgomery Road in Belfast, after their former owner WYG Ireland went into liquidation last month.
The Northern Ireland business said it had secured new deals worth around £6m over the last few months, including engineering services at the new Omagh Local Hospital.
Michael Scott, of the Northern Ireland office of WYG, said: "The Northern Ireland business is self-sustaining and has a strong and steady pipeline of work that will see us well into the future.
"This includes several prestigious public sector developments, most notably, the new Omagh Enhanced Local Hospital."
Around 50 jobs were lost when WYG Ireland went under, after facing pressures as a result of the decline in the construction industry. The three Northern Ireland subsidiaries are WYG Engineering, WYG Environmental and Planning and WYG Management Services.
WYG in Belfast has also won a contract for quantity surveying and various engineering works at the Belfast Health and Social Services Trust, until 2016.
It has also been appointed project manager for the redevelopment of Foyle and Londonderry College.
A trading update by WYG plc this week said: "Conditional upon their appointment, provisional liquidators in Republic of Ireland have agreed to sell to WYG all three of WYG Ireland's subsidiaries in Northern Ireland, securing the jobs of about 90 employees in Belfast."
WYG plc also said trading in the six months to September 30 was in line with expectations and that it expected to report a small operating profit.
Paul Hamer, chief executive of WYG plc, said: "Having stated on June 7 that we were confident of returning the group to operating profit in the near term, we are delighted to announce that this milestone in the group's turnaround will be reached in the first half of the current year."
The firm also announced that it was introducing WYG Week for the week starting October 1, a series of events thanking clients of the business and offering networking opportunities to planning officials.