Ulster building firm Taggart Holdings has gone into administration, it has been revealed.

The Bank of Ireland and Ulster Bank requested the appointment of administrators after the Belfast firm's Northern Ireland, UK and Irish operations ran into trouble.

PricewaterhouseCoopers will now oversee the company.

The building firm's development schemes in Mullingar, Navan and Luxembourg will continue, according to John and Michael Taggart.

-- Advertisement --

Company Director Michael Taggart described today's news as "deeply regrettable".

Mr Taggart said the move indicated the seriousness of the crisis in the Irish building and property sectors.

Two years ago, Taggart Holdings' turnover topped €164m, with operating profits hitting £36m.

For two consecutive years, company directors Michael and John Taggart have featured in the Sunday Times Rich List, with an estimated combined wealth of £95m.

At its peak 18 months ago, the firm's staffing levels were around 150 employees, now only 15 remain on its books.

The company confirmed administrators have been appointed in respect of its operations in Britain, Northern Ireland and the Republic.

(PR/JM)