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Construction group sold out of administration 3 February 2014

Northern Irish construction firm Mivan No.1 Limited has been sold out of administration.

The international construction group, trading as Mivan, announced on 27 January that it had ceased trading with a total of 233 redundancies since entering administration.

MJM Group, Mivan’s new owner, operates in the refurbishment of cruise liners, ferries, super yachts, luxury hotel and leisure facilities, office and retail and private residential; similar to the projects on which Mivan had previously worked.

Brian McConville, chairman of MJM Group, said: “We are delighted that we were able to rescue the Mivan brand and bring it into the MJM Group of companies. There are obvious synergies between the two operations which will allow us great efficiencies and economies of scale.

“Initially we expect to create 40 to 50 jobs in Antrim from the existing local skilled workforce and we believe that, by implementing the efficient work practices that have underpinned our growth to date, we can drive the Mivan brand back to its former glory.”

Mivan entered administration in January 2014 after experienced difficulties when a corporate restructuring in 2012 failed to improve the business’ fortunes. A sale of the company to MHM Group was confirmed on 31 January.

Following the appointment of Peter Allen of Deloitte as administrator on 10 January, 89 redundancies were made on 17 January and a further 144 jobs were lost on 27 January.

MJM Group has confirmed it plans on trading Mivan as a separate entity.

McConville said: “MJM have built up a strong reputation as a global player in the industry and there’s exciting opportunities ahead to re-establish the Mivan brand in some existing markets and new international markets also.”

 

 

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