A DELOITTE administrator has been called to international engineering business Mivan after its chief executive said competition and liquidity had put extra pressure on the company.
Peter Allen was appointed administrator of the business, which employs 289 people, and is the main trading company following a restructuring at the company in 2012.
Mivan chief executive, Dr Ivan McCabrey, said that while the global market for specialist construction was recovering, competition was intense and pressures on margins and liquidity favoured the biggest international companies.
“For some time we have been seeking to increase our international capacity and competitiveness through consolidation within the specialist construction and fit-out sector. 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.
“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.”
However, Allen said that with support from key stakeholders, including the bank, he would continue to trade the business as a going concern as he sought a buyer.
Previous Mivan contracts include re-roofing the historic Dome of the Rock mosque in Jerusalem and outfitting the interior of the Scottish parliament in Holyrood. The company has twice refurbished the luxury liner, the QE2 and outfitted the interiors of two Disney cruise liners.
Mivan was the largest general contractor for Eurodisney in Paris and undertook theme park development for Universal Studios in Orlando, Florida. The company was founded in 1975 by the current chief executive Ivan McCabrey, while he was still an engineering student at Queen’s University, Belfast.
The OECD's secretary-general José Ángel Gurría has given his verdict on what Brexit means for the UK and the EU
Public opinion is split over whether Brexit will harm or improve the UK accountancy sector
The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS
Colin sums up some people's attitude towards the result of the EU referendum using just two cups