Hyde insulation firm calls in administrators

AROUND 20 jobs have been lost at Hyde-based building materials company McVeigh Insulations after it was placed into administration.

The company, which has been operating for around 40 years, makes structural insulated panels which are used in new buildings.

The panels were used by main contractors in modern methods of construction, particularly in modular units which need to be built quickly.
Manchester-based Bell Advisory was appointed as administrators to the company on June 14.

Mr Bell told TheBusinessDesk.com: “Since the turn of the year, new contract work has fallen off a cliff. This led to pressure from creditors and from HMRC.”

The family-owned company had employed 40 people on appointment and around half have been retained as the company continues to trade on a limited basis while a number of outstanding contracts are completed.

McVeigh Insulations was founded by Fred McVeigh and was run by sons Don and Malc with other family members. Its panels have been used in a number of flagship projects such as the new St Helens stadium and the Chill Factore ski slope by the Trafford Centre.