Hopes that jobs will be saved at Acheson & Glover

Business news
Business news

Hopes are high that almost 400 jobs can be safeguarded at Mid-Ulster concrete business Acheson & Glover after its holding company went into administration.

Cookstown owner Raymond Acheson is to buy back Acheson & Glover Limited and Acheson & Glover Precast Limited.

Non-trading group company Acheson & Glover Group Limited, based in Fivemiletown but with local operations at Toomebridge and Pomeroy, suffered heavy losses in the construction downturn, which reached £21m in 2009.

The group company was put into administration last week.

However, the firm said it would be business as usual after managing director Raymond Acheson reached a deal with Bank of Ireland so that it would finance his purchase of the trading subsidiary companies after he set up a new firm.

A company spokesman said: “This would enable the trading business to continue as normal without any impact on staff, suppliers or customers.”

While the two subsidiaries now employ 380 in total, the group had around 749 in 2007 before the construction downturn took hold.