Threat to 100 jobs as Tyrone firm Acheson and Glover Precast enters administration
The Precast division of building firm Acheson & Glover has entered administration, the company has confirmed, putting at risk just over 100 jobs.
The company employs 105 people with most working at the Ballygawley plant in Co Tyrone.
Acheson & Glover Limited which employs 230 people is not affected. The company said that part of the business was continuing to grow in profitability and was performing more strongly than any time in the past eight years.
The company said the decision to place Precast into administration follows an "in-depth review" of the business over a 12 month period following a downturn in market demand for flooring and precast products in the UK and the business had been losing money "for some time".
"In 2018 the company had already consolidated and closed one of its two factories, however demand has continued to fall by between 35 and 40% leading to further financial losses leaving the company’s directors reluctantly with no option but to call in administrators," the company's directors Colin Walsh, Raymond Acheson, Stephen Acheson and Keith Scott said in a statement.
“We are disappointed to have to make this decision and we will be doing all we can to minimise its impact
“Our people are the very heart of our business and we fully understand how difficult this will be for our colleagues so the decision to cease precast manufacturing has only been made after lengthy consideration.
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“Earlier this year we consolidated our precast operation into one plant and set about a major cost-reduction programme. However, both margins and volumes continued to fall."
The company statement continued: "Over the past 18 months our Acheson & Glover Limited business which produces high added-value products, largely for the specification market, has continued to grow profitably.
"This business is now performing more strongly than at any time in the last eight years with a strong order book for high added-value products aimed at the Specification market across the UK and Ireland. We can assure our staff, customers, suppliers and other external stakeholders that our Acheson & Glover Limited business is unaffected by today’s announcement.”
Mr Tom Keenan and Mr Scott Murray from Keenan CF have been appointed as Joint Administrators for Acheson & Glover Precast Limited.
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