Northern Ireland

Acheson & Glover: New company takeover saves 400 jobs

Almost 400 construction jobs have been saved after two companies were acquired by a new firm owned by their former chief executive.

Acheson & Glover's two trading companies have been acquired by a new company owned by their former chief executive Raymond Acheson.

Mr Acheson headed up the Tyrone-headquartered business for 30 years,

He said the double acquisition would enable the two trading companies to move into the future with confidence.

The acquisitions, following the placing into administration of a non-trading holding company, Acheson & Glover Group Limited on 2 May 2014, are supported through provision of Bank of Ireland facilities.

Mr Acheson said: "This is great news for everyone concerned as it enables both Acheson & Glover Limited and Acheson & Glover Precast Limited to continue to trade as normal without any impact on staff, customers or suppliers.

Sales doubled

"Put simply, for everyone connected with Acheson & Glover, it is business as usual."

He said the development came at an exciting time for the businesses as economic conditions across all their markets were now improving.

"Both trading companies have been making good progress for some time now and especially in recent months," he said.

"Acheson & Glover Precast Limited has a full order book and Acheson & Glover Limited has seen its sales in Great Britain double.

"That's why I am confident in making this investment. We are very optimistic about the future and delighted for everyone associated with the businesses."

Mr Acheson paid tribute to the group's 380 staff for their hard work and support in recent times when market conditions had been extremely challenging.

Both trading companies are currently recruiting as market conditions continue to improve.