Patton Group, a 100-year-old family-owned construction business, has gone into administration after suffering the effects of tough trading conditions.
Owned by the eponymous family, the Ballymena, Northern Ireland-based company said this week it was exploring “all possible options for the future”. This could include selling all or part of the family business.
Patton, which employs more than 300 people and has revenues of around £140 million (€175 million), is the group behind a number of high-profile building projects in the country including Belfast Metropolitan College and Musgrave Park Hospital.
Family member and chairman of the group Neil Patton said in a statement that the announcement marks a “sad day for everyone connected to this family business and the communities we have served for the last 100 years”.
He added: “Unfortunately, the company has suffered from the widespread downturn impacting the construction industry and, as a result, has experienced a decline in trading performance.”
The output of the construction sector in the country is currently 40% lower than the peak output before the beginning of the financial crisis, according to the Northern Ireland Statistics and Research Agency.
Patton, which reported a loss of £7 million last year, also sponsors its town’s rugby club – it signed a three-year deal in 2010.