Stephen Cave and Paul Rooney, from PwC’s Business Recovery Services department in Belfast, have been appointed as joint administrative receivers to Alu-Fix Contracts Limited by the secured lender.
Alu-Fix Contracts was one of the largest aluminium installers to the UK construction industry, specialising in curtain walling, structural glazing, cladding and retail frontages.
At its peak, the company had around 50 full-time staff and a further 400 agency contractors operating across the UK from offices in Belfast, London and Manchester.
Mr Cave said: “It appears that the company’s funding position has deteriorated markedly over recent weeks, culminating in the company lacking sufficient cashflow to continue trading and this led to our appointment.
“Our immediate objective is to determine the precise financial position and the current status on live contracts. Unfortunately we have had no option but to make the remaining 20 permanent staff in Belfast and 20 permanent staff on GB sites redundant, with immediate effect.”