Northern Irish construction firm Patton has gone into administration after 100 years of trading.
The Ballymena-based firm has a turnover of around £140 million and employs 320 staff. It put the decision down to “extremely challenging trading conditions”.
The business will continue to trade while the administrator, Tom Keenan of Keenan CF explores options for the future of the company including the sale of all or parts of the company.
Chairman Neil Patton 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.
“The directors have looked at every possible option to avoid administration, but it became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cashflow.”
It saw a £5.8m pre-tax loss in 2012 financial year. In 2011 it saw a £10m loss.
Patton worked for Tesco and other big retailers.
It won a £45m deal for a mixed use Tesco development in Salford in October. Just last week it was celebrating the completion of a major refurbishment at John Lewis Milton Keynes.