An international construction group based in Antrim, Northern Ireland, has entered administration after a 2012 restructuring failed to improve the business’ fortunes.
Mivan No.1 Limited, trading as Mivan, is the main trading company of the group, employing 289 staff, and will continue to trade during the administration.
Peter Allen of Deloitte was appointed as administrator to the company on 10 January 2014.
Allen said: “With the support of key stakeholders, including the bank, the business will continue to trade while all options are assessed.”
Mivan specialises in fitting out cruise ships and high-end commercial and residential developments, but suffered losses on projects in Romania, which led to the company undergoing a restructuring.
Mivan chief executive, Dr Ivan McCabrey, said: ““For some time we have been seeking to increase our international capacity and competitiveness through consolidation within the specialist construction and fit-out sector.
“I am aware that there has been considerable speculation around this issue and I can now confirm that our discussions have not resulted in agreement.
“Consequently, the directors have been reviewing future options in conjunction with our bankers and professional advisors.
“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.”
Previous Mivan contracts include re-roofing the historic Dome of the Rock mosque in Jerusalem, outfitting the interior of the Scottish parliament in Holyrood and has twice refurbished the luxury liner, the QE2.