Groundworks firm will put about 120 workers out of work after going into administration earlier this month
All staff at Mann Construction are to lose their jobs after the firm went into voluntary administration on 1 April.
The struggling groundworks firm yesterday released a statement, blaming the economic climate for the firm's financial woes.
Jason Baker, Nick O'Reilly and Peter Hughes-Holland, client partners at Vantis Business Recovery Services, have been appointed joint administrators.
Commenting on the case, Baker said: “Unfortunately Mann Construction has suffered as a result of the recession in the construction sector. This led to severe cash flow problems, affecting the ability of the company to trade, which in turn affected the progress of work on clients' sites creating operational issues.
“Intensive discussions were held with a management team with a view to acquiring the business and assets as a going concern, however, because of a high degree of uncertainty about the management team's ability to secure future contracts for work, they concluded they could not proceed with their proposed acquisition.
He added: “Because of the funding deficit, we are unable to continue to trade the business. Regrettably, the business will cease to trade today and we will have to make all staff redundant.”
It is understood that around 120 people will lose their jobs.