Northern Ireland

County Down building firm in administration

Image caption The company recently completed new headquarters for the Red Cross in Belfast

A County Down building firm which once employed about 200 people has been placed into administration.

McGimpsey and Kane (MGK) builders was based in Kircubbin near Newtownards, but ceased trading in September 2010.

It was an award winning firm whose work included the construction of high-end houses in Belfast and north Down.

The men who controlled the firm, Bryan McGimpsey and Ian Robinson, have also been declared bankrupt.

In common with many firms it was badly hit in the property crash and the company had also been under pressure from its bankers for some time.

In an interview with the Newtownards Chronicle in 2010, Mr McGimpsey laid out the company's problems.

He said that the firm's bank had reduced credit available and that many customers had failed to pay their bills.

He added that they had halted property development work which accounted for up to 35% of turnover.

That meant they had to concentrate solely on contracting, an area where intense competition meant there were few profits to be had.

Mr McGimpsey had predicted that 2010 would be the toughest year of the recession for the building trade.

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