M&M snaps up Mascott's assets and equipment
Entrepreneur Gareth Loye has snapped up the assets and equipment of insolvent building firm Mascott Construction, the Belfast Telegraph can reveal.
It's understood his firm, M&M Contractors, paid a "substantial" sum to buy parts of the Belfast-based Mascott business, which went into administration earlier this month with the loss of around 30 jobs.
M&M chief executive Mr Loye said: "Mascott is a wonderful brand with some wonderful projects. We are a growing company and we believe that we have saved Mascott and can return it to being the company it once was."
M&M, based in Belfast, offers telecommunication and electrical infrastructures in civil engineering and construction projects.
Mascott Construction Ltd remains in administration, with the deal relating only to assets and equipment.
It became one of the most recognisable names in construction in Northern Ireland, carrying out major work including the building of the MAC Theatre in the Belfast's Cathedral Quarter.
Mr Loye had set up new company, Mascott Construction Europe, in the days after administrators EY were appointed by a lender to run the firm - suggesting the name could be revived under his ownership.
And a spokesman for M&M said last night it had bought "a portion of Mascott Construction Ltd's assets and equipment".
He added: "The company is also pleased to have secured the assignment of some of the company's existing contracts and looks forward to completing these projects in the coming months/years."
But the firm would not say which contracts had been assigned.
Earlier this week, outsourcing company Mount Charles Group announced that it was now looking for new contractors, one month after appointing Mascott Construction to carry out work on its new premises at Maxol House on the Ormeau Road in Belfast.
M&M's spokesman added: "The acquisition of these assets is a very positive development for our business, as well as the contracts that we have been able to take on, which we look forward to seeing through to completion.
"It will also greatly enhance our service offering by enabling us to continue providing the complete construction management solution to clients right across UK and Ireland as we continue to grow and expand our business."
No-one from EY was available to comment on the deal last night.