Belfast Telegraph

Buyer interest in troubled Lurgan engineering firm

By Margaret Canning

The administrator of a family-run engineering firm in Lurgan has said he is hopeful a buyer will be found for the business. Maurice Stevenson Ltd, based on Annesborough Industrial Estate, went into administration this week after trading for nearly 100 years, putting 33 jobs at risk.

But administrator Gerard Gildernew said he had already received expressions of interest in the firm, which has a number of continuing contracts.

A spokeswoman added: "The administrator is presently reviewing all live contracts and works orders and is liaising with several parties who have expressed an interest in the business.   

"The administrator is marketing the business, trade and residual assets (which includes debtors, stock and work in progress). 

"The long-established nature of the business and its strong reputation for quality workmanship are positives in the sales process."

She said the administration followed challenges in recent years for the company, including the downturn in the sector and the death in 2012 of director David Stevenson. His widow Alison Stevenson said administrators had been appointed "with the deepest of regret".

Belfast Telegraph