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Ballymena firm Patton facing cash pressures Ballymena firm Patton goes into adminstration
(about 20 hours later)
One of Northern Ireland's oldest and best known construction companies, the Patton Group of Ballymena, has said it is facing cash pressures because of the downturn in construction. Administrators have been appointed to the Ballymena based Patton group.
The company said it was working with its bank to navigate its way through "a very difficult period". The business will continue to trade while the administrator, Tom Keenan of Keenan CF, decides its future.
A family-run firm, Patton's has been in business for the past 100 years. Among the possible options are breaking up the company, continuing to run its most profitable parts or finding a buyer for bits of it.
It currently employs 320 staff in various parts of its construction business.It currently employs 320 staff in various parts of its construction business.
This includes house building, fit-out, and construction. Neil Patton, chairman of Patton Group, said: "This is a very sad day for everyone connected to this family business and the communities we have served for the last 100 years.
Recently though, like many other construction companies, it has been struggling due to the major problems in the building industry. "Administration became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cashflow."
Last year, it made a loss of £7m on a turnover of £140m. The company had warned on Monday that it was facing serious financial problems.
In response to inquiries about its financial situation, the company has released a statement saying the business was facing cash pressures as a result of the downturn in construction. The group had until recently managed to survive the downturn in construction industry and was behind a number of key construction projects. But last year it posted a loss of £7m.
A spokesman said the company has been working with its bank over recent months to seek to navigate its way through what continues to be "a very difficult period". A family-run firm, Patton's has been in business for the past 100 years.
Those discussions with its bank - believed to be the Northern Bank - are ongoing. The Patton Group is the principal sponsor of Ballymena rugby club having signed a three year deal in 2010.
North Antrim MP Ian Paisley said he had met Executive ministers Sammy Wilson and Arlene Foster to discuss the latest news which he described as "heartbreaking". Earlier, North Antrim MP Ian Paisley said he had met Executive ministers Sammy Wilson and Arlene Foster to discuss the firm's difficulties which he described as "heartbreaking".
"These stories which hit honest, decent, salt-of-the-earth folk like the Pattons and those who work for them, hit us all hard," he said."These stories which hit honest, decent, salt-of-the-earth folk like the Pattons and those who work for them, hit us all hard," he said.
"There are people in Ballymena tonight who are distraught and saddened that this has happened, but they will fight back and do what they can to try and get out of this problem that has arisen.""There are people in Ballymena tonight who are distraught and saddened that this has happened, but they will fight back and do what they can to try and get out of this problem that has arisen."
John Armstrong of the Construction Employers Federation said it was "sad news". John Armstrong of the Construction Employers Federation said he believed Stormont ministers should invest further money in "capital infrastructure projects" to help the construction sector.
He said he believed Stormont ministers should invest further money in "capital infrastructure projects" to help the construction sector.
He said construction output had dropped by £1bn in Northern Ireland over the past five years, with the loss of thousands of jobs.He said construction output had dropped by £1bn in Northern Ireland over the past five years, with the loss of thousands of jobs.