270 jobs safeguarded as McMullen Facades is bought from administration
MOIRA-based specialist contractor McMullen Facades has been bought out of administration, with all 270 jobs being safeguarded.
Its immediate parent company Lakesmere Group Ltd entered administration at the start of this month, and McMullen then followed suit on Monday past, prompting fears for the future of its employees.
But it has emerged that Deloitte has successfully oversee McMullen's sale for an undisclosed sum to the £288 million-turnover JRL Group in Borehamwood, the firm currently constructing the Landmark Pinnacle in London's Canary Wharf.
Peter Allen, joint administrator and partner at Deloitte said: “We are delighted to have concluded the successful sale of McMullen, retaining all 270 jobs.
"McMullen remains a profitable business that unfortunately was affected by cash flow issues in the wider Lakesmere group. We wish it every success for the future.”
JRL Group's primary business is in reinforced concrete frames, and it is also known for its expertise high-rise construction, including the Landmark Pinnacle.
At 75 floors and 220 metres, it will be one of London's tallest residential towers, and more than 800 apartments will go on sale on its completion, with prices starting at £425,000.
A spokesman for JRL Group said: "The acquisition of McMullen gives us the capability to offer a ‘structure and envelope' package.
"This will give clients a single point of contact to get a watertight building, whilst allowing savings on preliminaries, improved coordination, better programme and risk management benefits."
McMullen, founded by Edward McMullen in 1971 and later run by his son Ted, provides specialist facade and building envelope construction, working across the UK.
McMullen's main office is in Moira while it has a factory in Portadown and a head office function in Winchester.
The company, which was taken over by English firm Lakesmere in 2012, is one of the best-known names in construction in Northern Ireland and has worked on buildings such as the Obel Tower in Belfast.
In its last trading year, McMullen made a profit if just under £1 million on a turnover of £37.3m.