Mivan in administration: 300 jobs at risk at Antrim construction firm
One of Northern Ireland's best-known construction companies has been placed into administration.
Antrim-based Mivan, which employs 289 people and specialises in cruise ships and high-end commercial and residential developments, had restructured following massive losses on projects in Romania in 2012.
Last year the company entered talks with Lagan Group Holdings about a possible takeover, but discussions ended without agreement.
Outfitting the Scottish Parliament at Holyrood and refurbishing the luxury QE2 liner are among prestigious projects the company has been involved in.
Chief Executive Ivan McCabrey said: "I am aware that there has been considerable speculation around this issue and I can now confirm that our discussions have not resulted in agreement. Consequently, the directors have been reviewing future options in conjunction with our bankers and professional advisors.
"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."
Mivan was the largest contractor on Disneyland Paris and undertook theme park development for Universal Studios in Orlando, Florida. The company was founded in 1975 by MrMcCabrey, while he was still an engineering student at Queen's University, Belfast.
Peter Allen of Deloitte, the business advisory firm, was appointed administrator.
"With the support of key stakeholders, including the bank, the business will continue to trade while all options are assessed," he said.
Democratic Unionist Party South Antrim MP William McCrea said: "It is essential that as much information, guidance and support is delivered to the workforce to help them through the days and weeks ahead, and it is a sad reality of the current, harsh economic climate that a company of such world renown as Mivan has been forced into this difficult situation."