Over 200 job losses at Irish maintenance firm
Published 22/02/2014 | 14:47
More than 200 jobs have been lost at an administration-hit maintenance firm in Northern Ireland.
There had been concerns for the 202-strong workforce at Derry-based KPL Contracts following yesterday's move to call in the administrators.
Worst fears have now been realised with administrator PwC conceding that efforts to save the business and continue trading had been unsuccessful.
It said all workers had been made redundant.
The Dungiven company had done work for public utility companies such as 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 business are set to be affected by its demise.
Stephen Cave from PwC said: "I said on appointment that the first hours would determine the company's financial position and future options.
"This included its ability to facilitate and fund the ongoing needs of key customers.
"However, our immediate review concluded that continuing to trade was not commercially viable.
"I advised the workforce of the position yesterday afternoon and it is with regret that I had no alternative but to make all 202 workers redundant with immediate effect.
"I can confirm that wages due yesterday have been paid."
Former managing director Kevin 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.