CAT - McCormick MacNaughton - placed under administration.
Posted: Fri Jun 18, 2010 7:26 pm
BBC News: Updated every minute of every dayLive BBC News Channel Distribution jobs threatened as administrator appointed
Page last updated at 12:22 GMT, Wednesday, 16 June 2010 13:22 UK
The company distributes Catepillar construction equipment A County Down company which distributes construction and marine equipment has been placed under administration.
McCormick MacNaughton is based at Blaris Industrial Esate in Lisburn and employs 56 people.
Administrator Garth Calow said he would "endeavour to maintain business as usual" while the company was being evaluated.
The receiver was sent into the company earlier this month.
Mr Calow said the situation at the company would become clearer over the next few days.
'Financial difficulties'
"My immediate priority will be to evaluate the company's financial position and determine the best options for the business and creditors," he said.
"Despite the downturn in construction-related activities, the Northern Ireland company has traditionally been profitable, with the trading and financial difficulties relating to wider group operations in the Republic of Ireland."
"This appointment will provide protection for the trading operations in this company and discussions will continue with Catepillar to determine how we might maintain trading until a full assessment is undertaken."
The company was established over 50 years ago and operated within the McCormick MacNaughton Group which is the sole Irish distributor of Caterpillar construction equipment
Page last updated at 12:22 GMT, Wednesday, 16 June 2010 13:22 UK
The company distributes Catepillar construction equipment A County Down company which distributes construction and marine equipment has been placed under administration.
McCormick MacNaughton is based at Blaris Industrial Esate in Lisburn and employs 56 people.
Administrator Garth Calow said he would "endeavour to maintain business as usual" while the company was being evaluated.
The receiver was sent into the company earlier this month.
Mr Calow said the situation at the company would become clearer over the next few days.
'Financial difficulties'
"My immediate priority will be to evaluate the company's financial position and determine the best options for the business and creditors," he said.
"Despite the downturn in construction-related activities, the Northern Ireland company has traditionally been profitable, with the trading and financial difficulties relating to wider group operations in the Republic of Ireland."
"This appointment will provide protection for the trading operations in this company and discussions will continue with Catepillar to determine how we might maintain trading until a full assessment is undertaken."
The company was established over 50 years ago and operated within the McCormick MacNaughton Group which is the sole Irish distributor of Caterpillar construction equipment
