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Glovers in liquidation

Thursday, 23 February 2012

Glover Site Investigations, Balnamore.

PROFESSIONAL services giant Price Waterhouse Coopers have been called in to liquidate the assets of Balnamore firm Glover Site Investigations Ltd. PWC were called in at the request of the creditors on February 3 after the collapse of a Company Voluntary Agreement that had been in place between the firm and its creditors for over a year.
Glovers, one of the biggest employers remaining in the Ballymoney area had been struggling for some time and had laid off the last of its 50 staff in January.
Based at Balnamore for over 47 years the firm specialised as a ground investigations contractor offering a range of services to many branches of the construction industry.
The news that Glovers had apparently laid of its entire staff reported in The Chronicle in the middle of January was unconfirmed by Glovers at the time.
A spokesperson for PWC said: "Glover Site Investigations entered into a Company Voluntary Arrangement with its creditors in December 2010. This arrangement collapsed in January 2012 and there was a meeting of creditors."
A Company Voluntary Arrangement is a procedure which enables a firm to reach an agreement with its creditors about how debt is to be repaid.
“Price Waterhouse Coopers were called in at the request of the creditors and Mr Paul Rooney and Mr Stephen Cave were appointed as joint liquidators. At the time of our appointment the company had ceased trading and had made its employees redundant. PWC has been employed to liquidate the assets of the company for the best possible benefit of the creditors. We currently hold some assets, mainly specialised plant and machinery stored in the yard at the former company HQ in Balnamore."
“We will be trying to contact parties in a similar line of business in Ireland, GB or further afield with a view towards entering into discussions with them to explore whether they would be interested in buying these assets."
Asked what these assets were worth, the spokesperson would only say: "They are worth what someone is willing to pay. This sector, the whole construction sector is in difficulty at the moment."
The spokesperson would not be drawn on the number of the creditors, their identity and how much they were owed.
Glovers Site Investigations owned two subsidiary firms in GB; Discovery Drilling Ltd and Ground Restoration Ltd.
No one from Discovery Drilling Ltd was available for comment.
The PWC Spokesperson said: "We have not been appointed to these firms and do not have control over them so it's not appropriate for me to comment on them. We may be given control at some point but I cannot comment further until that happens."
The Chronicle has been unable to contact anyone from Glovers.
The PWC spokesperson said that representatives of Glovers could be contacted by them if any information were required.

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