Maintenance firm in administration
More than 200 jobs are under threat after one of Northern Ireland's leading maintenance firms was placed into administration.
Co Londonderry-based KPL Contracts does work for public utility companies like BT, NIE and Northern Ireland Water. It is understood it also had large borrowings relating to property development.
A large number of sub-contractors for the Dungiven business are also likely to be affected.
Managing director Kevin Lynch said: "For some time we have been in discussions with our lender in order to restructure the company to protect the core contracting business.
"Despite a restructure of the company's property debt before Christmas, acute cashflow pressure has persisted.
"It is therefore with much regret that we have today sought the protection of administration."
Mr Lynch founded the company in 1994. He had been doing work as a sole trader since 1983 and grew the company into one of the leading utility contractors in Northern Ireland, working in areas from street lighting to windfarms.
Joint administrator Stephen Cave, from PwC, said: "Over the next few hours our priority will be to determine the company's precise financial position and assess future options.
"A number of key contracts are operated by the company and, with the help of the directors, we are in continued discussions with these customers to see how we might work together to facilitate their immediate requirements.
"The outcome of these actions will determine our next steps."