KPL directly employed 202 people across Northern Ireland, as well as a large number of subcontractors, operating from depots throughout the region, installing and maintaining water & sewage, electricity, telecoms and public lighting facilities.
Managing director Kevin Lynch, who founded the Dungiven-based company in 1994, said: “For some time we have been in discussions with our lender in order to restructure the company to protect the core contracting business. Despite a restructure of the company’s property debt before Christmas acute cashflow pressure has persisted.
“It is therefore with much regret that we have sought the protection of administration.”
Stephen Cave and Matthew Hammond from PwC were appointed joint administrators. Mr Cave said that a review of the company’s financial position and options had made it immediately apparent that it was in no shape to continue trading.
KPL is the third major Northern Ireland contractor to fail in recent months, following the collapse of Mivan last month and Patton just over a year ago.
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