Glenpark Environmental Services Ltd, the Eglinton based ventilation company, has ceased trading.
The firm has appointed Gildernew & Co Chartered Accountants & Business Advisors to assist the company directors in proposing a Company Voluntary Arrangement (CVA) to its creditors.
Commenting on the situation, Managing Director James Dowds said: “It is with the deepest regret that despite all our best efforts we have been unable to reverse the Company’s loss making position.
“Our biggest challenge has been the restriction of the local market for the Company’s product due to a slower than expected upturn in the construction sector, and cost limitations in taking the product to export.”
Expressing his thanks to the firm’s 20 staff, James Dowds said: “These are difficult times for everyone in business and I wish to pay tribute to our loyal and dedicated workforce whose commitment to the business and the quality of our product has been unwavering in the face of our mounting problems.
“They are a credit to themselves and I can only wish the very best for each of them in the future”.
The Company operates from a unit at the old Courtaulds Plant in Campsie.
It was most recently acquired in 2015 by the Dowds Group in Ballymoney.
Gildernew & Co are currently in discussion with Creditors and Staff, who have been paid up to date and been advised of their statutory redundancy entitlements.