Irish trailer and materials handler manufacturer Redrock Engineering has called in the administrators after it suffered major financial problems due to the recession.
The Armagh company has 80 employees and had made a significant investment in research and development of new products before the downturn struck.
Managing director Samuel Hughes highlighted the downturn in spending in the agricultural and construction markets. “We have been faced with major cash flow challenges that have become impossible to sustain… we had no choice but to appoint administrators,” he said.
Administrator Sean Cavanagh of Cavanagh Kelly Chartered Accountants is assessing the options open to the business, including selling it as a going concern. In the interim the company will continue trading but production has been temporarily suspended.