Patton facing cash pressures

Published:  06 November, 2012

BALLYMENA: The Patton Group, one of Northern Ireland's leading construction firms, is facing cash pressures because of the downturn in construction.

The company said it was working with its bank to navigate its way through "a very difficult period".

A family-run firm, Patton's has been in business for the past 100 years. It employs 320 staff in various parts of its construction business incluing house building, fit-out, and construction. Recently it has struggled and last year, it made a loss of £7m on a turnover of £140m. In response to inquiries about its financial situation, the company released a statement saying the business was facing cash pressures as a result of the downturn in construction.

A spokesman said the company has been working with its bank over recent months to seek to navigate its way through what continues to be "a very difficult period". Those discussions with its bank - believed to be the Northern Bank - are in progress.

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