Four firms in Northern Ireland put into administration
There are fears that up to 80 people could lose their jobs after four companies went into administration. Our business correspondent Kevin Magee looks at the potential impact.
These four local companies have run into difficulties in the same week as there have been dire warnings about the impact of the government's spending cuts.
Two companies from the Coleraine based Kennedy Group have gone into administration.
They are Kennedy Contracts and Concrete Products.
Fifty-five employees could lose their jobs.
The company said the downturn in the construction industry, "coupled with the lack of support available within the banking sector", had left the directors "no option" but to cease operations.
Another construction company, NMC Developments, which is a major house builder in north and west Belfast has also gone into administration.
Northern Ireland's largest independent bus company Chambers is also in difficulty.
The administrator said he was confident there would be no job losses among the County Londonderry firm's 85 staff and its services would continue as normal.
The Moneymore-based firm's private hire operation has been sold.
And there are fears that the 27-strong work force at an engineering firm in Limavady will go.
The Ulster Bank called the administrators into the Limavady Gear company which makes wind turbines.
It moved into the 17-acre former Seagate factory in the town last year in anticipation of growing demand for its products.
The company was a leading light in the renewable energy sector and was assisted by the industrial support agency Invest NI.
But it is understood the Ulster Bank has demanded repayment on its loans and the company has gone into administration.
While the administrator hopes the business could be sold as a going concern, its said a significant number of the 30 strong workforce will be made redundant.
Long before the cuts begin to take any affect, the local economy, especially the construction sector remains vulnerable and the availability of finance remains a problem for many companies.