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| Antrim construction firm Mivan goes into administration | Antrim construction firm Mivan goes into administration |
| (about 2 hours later) | |
| Mivan, one of Northern Ireland's best known construction companies, has been placed into administration. | Mivan, one of Northern Ireland's best known construction companies, has been placed into administration. |
| The Antrim-based firm employs 289 people and specialises in fitting out cruise ships and high-end commercial and residential developments. | The Antrim-based firm employs 289 people and specialises in fitting out cruise ships and high-end commercial and residential developments. |
| The administrator said the firm would "continue to trade while all options are assessed". | |
| Mivan made massive losses on projects in Romania which led to a restructuring of the business in 2012. | |
| Even after that it warned that it was still facing "extremely challenging circumstances". | Even after that it warned that it was still facing "extremely challenging circumstances". |
| Late last year, it entered talks with Lagan Group Holdings about a possible takeover deal, but the discussions ended without agreement. | Late last year, it entered talks with Lagan Group Holdings about a possible takeover deal, but the discussions ended without agreement. |
| It is the biggest casualty in the Northern Ireland construction sector since the Patton group collapsed in 2012. | It is the biggest casualty in the Northern Ireland construction sector since the Patton group collapsed in 2012. |
| In a statement, Mivan chief executive Ivan McCabrey said after talks over the merger failed to reach agreement, "the directors have been reviewing future options in conjunction with our bankers and professional advisers. | In a statement, Mivan chief executive Ivan McCabrey said after talks over the merger failed to reach agreement, "the directors have been reviewing future options in conjunction with our bankers and professional advisers. |
| "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." | "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." |
| Mivan was founded by Mr McCabrey in 1975 and he quickly moved into overseas contracting. | Mivan was founded by Mr McCabrey in 1975 and he quickly moved into overseas contracting. |
| In the early 1980s, the firm was involved in a wide range of projects in Iraq, including power stations, apartments and a palace for Saddam Hussein. | In the early 1980s, the firm was involved in a wide range of projects in Iraq, including power stations, apartments and a palace for Saddam Hussein. |
| The company continued to win work in the Middle East, including the restoration of the prestigious Dome of the Rock in Jerusalem for which it won a Queens Award for Export. | The company continued to win work in the Middle East, including the restoration of the prestigious Dome of the Rock in Jerusalem for which it won a Queens Award for Export. |
| Other high profile jobs included fit-outs at Disneyland Paris, the Millennium Dome and One Hyde Park, London's most expensive apartment development. | Other high profile jobs included fit-outs at Disneyland Paris, the Millennium Dome and One Hyde Park, London's most expensive apartment development. |
| Romanian losses | Romanian losses |
| The company was not heavily exposed to the Northern Ireland housing crash, with just one major site in Comber. | The company was not heavily exposed to the Northern Ireland housing crash, with just one major site in Comber. |
| However, two joint ventures in Romania became expensive problems. | However, two joint ventures in Romania became expensive problems. |
| One of the joint ventures, Rathenraw Ltd, which was a partnership with the UK firm, Kier, collapsed into insolvency at the end of 2010. | One of the joint ventures, Rathenraw Ltd, which was a partnership with the UK firm, Kier, collapsed into insolvency at the end of 2010. |
| It was supposed to build a large amount of public housing. | It was supposed to build a large amount of public housing. |
| A second joint venture with a group of property developers from the Republic of Ireland planned to develop seven shopping centres but not all were built. | A second joint venture with a group of property developers from the Republic of Ireland planned to develop seven shopping centres but not all were built. |
| Between 2009 and 2011 the firm lost almost £50m. | Between 2009 and 2011 the firm lost almost £50m. |
| It continued to win major contracts, particularly for cruise ship fit-outs, showing a turnover of £61m in 2012. | It continued to win major contracts, particularly for cruise ship fit-outs, showing a turnover of £61m in 2012. |
| But the problems in Romania appear to have weakened the firm. | |
| Peter Allen of Deloitte, who has been appointed as the administrator, said: "With the support of key stakeholders, including the bank, the business will continue to trade while all options are assessed." |