3 NI construction companies in administration
The survey published last week by the Royal Institution of Chartered Surveyors (RICS) showed that the Northern Ireland construction sector had reached a new low. That pessimistic evaluation of the sector has been highlighted in the days since its release with the announcement that three construction companies in Northern Ireland have gone into administration.
On Friday it was announced that one of the largest construction companies in Northern Ireland, Carvill Group Limited, was to go into administration. The company had been working on a proposed redevelopment of the large Sirocco Works site in east Belfast, which it bought for £40million in 2006 . Managing director Christopher Carvill hoped that redundancies would be avoided by administrators deciding to continue with the “current projects in hand”. The Carvill family has a long history in Northern Ireland, with Patrick Carvill said to have created a building company in County Down in the 1800s.
Today it has been announced that two other Northern Ireland construction firms are to go into administration, Tara Homes Ltd of Limivady, and Carrick Homes Ltd of Burren.
The fate of the three companies illustrates the extent of the decline in the Northern Ireland property market, while the other regions of the UK start to see some signs of stability and improvement. Statistics for the first quarter of 2011 suggest that the number of property sales has increased, albeit a small increase on a very low level of property transactions.
If you are purchasing, selling or remortgaging a property in Northern Ireland and are trying to find a solicitors to handle the work for you, contact Wilson Nesbitt solicitors in Belfast by email at email@example.com .