Top environmental engineering firm enters administration
Around 145 workers were employed by the Mallusk-based firm, which was originally established in 1983 and is now one of Northern Ireland's largest providers of environment engineering services, specialising in water treatment and anaerobic digestion technologies.
Despite boasting an annual turnover of around £50 million, the company announced that it had explored all possible options on 6th February 2018 and subsequently appointed Toby Underwood and Stephen Cave of PwC in Belfast as administrators.
Commenting on the firm's entrance into administration, WIS chairman John Toner said: "Having explored all possible rescue options, it is with deep regret that the directors have had to take steps to have the company placed into administration."
Commenting on the position of WIS, Mr Cave stated that it had run into a number of commercial problems with key contracts within the last few months, resulting in disputes that affected the company's finances.
"Despite endeavours to resolve the matters and secure a way forward, the company ran out of funds, leaving the directors facing the decision to enter administration," he added.
"Whilst we are urgently reviewing the company's financial and trading position, we have unfortunately had to make the majority of the workforce redundant with immediate effect."
As a result of WIS going into administration, a subsidiary that is owned for the most part by the organisation is also set to go into liquidation. This would result in the loss of around 15 jobs for the subsidiary's current staff members.
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