Irish specialist building firm Keating Construction has applied to the High Court to enter voluntary examinership, blaming Covid-19, Brexit and the current trading environment.
The Clare-headquartered firm, which also has offices in Parkwest in Dublin employs close to 200 people, has specialised in complex marine construction projects around Ireland and Britain, including the Dublin Port expansion.
Examinership was granted on an interim basis, to be confirmed at a hearing on October 12.
"Keating Construction is working to achieve our long-term strategic aim to be a leading marine engineering company in Europe and the UK," Marcus Carne, managing director of Keating told the Sunday Independent. The impact of Covid-19, Brexit and the current trading environment was "challenging in recent months".
"In this context, the company has no choice but to take steps to ensure our long-term ambitions, protect jobs and achieve the best outcome for current creditors. The company is today applying to enter voluntary examinership. This will allow for the restructuring necessary to achieve our goals. Throughout the process we will be trading and working as usual," he said.
"We intend to emerge from this process as a stronger company ready to avail of the significant opportunities for the type of work we do - delivering complex engineering projects - in the growing marketplace in the UK and across northern Europe."
In January 2018, the company was bought by Dublin-based CBD Capital for an undisclosed amount from its founder Louis Keating.
The firm has recently worked on major public and private sector projects at Greenore Port, the Shakey Bridge project at University College Cork, a flagship showroom for Audi in Limerick and at Dingle Harbour.
Keating posted almost €70m turnover and pre-tax profit of €5.2m for 2018, its most recent set of accounts. It is 26th on the Construction Industry Federation's most recent Top 50 contractors list.