McGrath Group announce redundancies amidrestructuring

The Lissue based group announced this week that to ensure its future viability the directors had appointed an Administrator to one of the group companies, McGrath Bros (Engineering) Ltd. As a result of the Administration and of further streamlining across the group, a total of 15 redundancies have been announced.

The Group said internal re-redeployment had enabled it to preserve the employment of the remaining 117 group employees and it was optimistic about its prospects.

The Group’s Joint Managing Director, Brian McGrath, said: “Like many in the construction industry we have seen a reduction in both private and public sector activity since 2007. The group reduced employment and other costs during 2009 and 2010 but it recently became clear that we required a re-structuring in order to maintain the group’s viability.

“We regret having to make any redundancies but we’re relieved that we are able to preserve the majority of jobs. Our current order book is strong and we are working on a number of significant contracts in the UK rail sector. We are confident there is a pipeline of contracts obtainable over the next three or four years from the £7 billion Crossrail project to build a major new railway link under central London.”

Over 25 years the McGrath Group has become recognised as a market leader in architectural metalwork in the UK and Ireland. Its bespoke engineering services, carried out in tandem with architects and main contractors, focus on commercial, retail and the highly competitive rail sector. It is currently working on a number of major rail related projects in central London and a £600 million mixed use scheme in Birmingham

The Administrator of McGrath Bros (Engineering) Ltd is licensed insolvency practitioner David McClean of McClean & Co. He said: “The group has worked closely with us as business recovery specialists to ensure it can preserve the core of its business and as much of the employment as possible. While the Administration will have an impact, I am pleased that we have been able to achieve a satisfactory outcome for the group.”