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Glass firm enters administration Jobs under threat at timber firm
(about 1 hour later)
A glass company based in Mallusk which employs 75 people has gone into administration. A company based in Coleraine, Spanboard Products Limited, has announced it is making redundancies.
McNeill-McManus Glass Limited has been in the industry for more than 80 years. It is thought up to 75 people could lose their jobs.
A statement released by the administrators said the firm had been "significantly impacted by the downturn in the construction industry". The firm, which is part of the Sonae Indústria Group, employs 105 people in the manufacture and distribution of timber products.
Meanwhile, a company based in Mallusk, McNeill-McManus Glass Limited, which employs 75 people, has gone into administration.
The glass processing and installation company has been in the industry for more than 80 years.
A statement released by the administrators, BDO Stoy Hayward, said the firm had been "significantly impacted by the downturn in the construction industry".
It said the decrease in the level of orders, combined with severe cash flow pressures left the directors no option but to place it in administration.It said the decrease in the level of orders, combined with severe cash flow pressures left the directors no option but to place it in administration.
The statement added that the administrators, BDO Stoy Hayward, are currently undertaking an assessment of the company's position with a view to its sale as a going concern. The statement added that the administrators are currently undertaking an assessment of the company's position with a view to its sale as a going concern.
It is understood that up to 75 staff at Spanboard have been told they have been put on the the statutory 90 days notice.
A statement released on behalf of Spanboard said "the current economic climate, pressure on business lending and the downturn in the construction industry, coupled with rising costs for energy and raw materials" had impacted "on the company's trading position".
It added that the company, its workforce and the trade union Unite, would examine what options were available "in order to try to avoid, reduce and mitigate the impact of redundancies and find ways to maintain operations at its facility in Coleraine".