Longford Architectural Metalwork Ltd chas pointed the finger at difficult trading conditions as the motivating factor behind its enforced closure this week.
A Longford architectural and metalwork firm has blamed its sudden and unanticipated closure on difficult trading conditions as well as financial losses resulting from a major contract at Dublin Airport six years ago.
Longford Architectural Metalwork Ltd sent shockwaves through the local community on Monday when it announced its closure alongside the loss of 24 jobs.
The leading metalwork solutions provider, which has been in operation for close to four decades, informed staff at a meeting that morning.
In a statement released to the local media yesterday, Managing Director Tony Nerney said the decision was taken in the wake of continuing financial pressure on the company.
“It is with great sadness that I have to inform you all that with mmediate effect I must close the business we have in Ireland,” read the statement.
Mr Nerney said there had been a number of factors which had ultimately led up to Monday's announcement, one of which included financial losses sustained following work carried out at Dublin Airport.
“We suffered major losses in 2010 and 2011 as a result of a job in Terminal 2 in Dublin airport and since 2012 we have had a mixture of both profitable and loss-making jobs.
"Unfortunately we didn’t make the consistent profits needed for the business to recover from the Terminal 2 losses.”
Mr Nerney said the company had become "heavily reliant" on the UK's London market, a factor which proved too onerous for a company that hailed from Longford.
That said, Mr Nerney expressed hope of attracting outside investment in a move which could see the facility re-open in due course.
He also revealed staff would be afforded their full statutory entitlements with local accountancy firm Stephens Cooke & Associates having been appointed to deal with such matters.
Mr Nerney, together with his fellow directors signed off by adding: “We are very sad about the
way things have turned out but we are hopeful that this same team will be back here in this factory
producing some more amazing work in the near future.
"Thank you all for your hard work and support over the years.”