Mivan has gone into administration after 38 years in business

THE company that built Saddam Hussein’s Baghdad palace has hit a financial brick wall.

Mivan construction – found in 1975 by owner Ian McCabrey – has gone into administration after failing to secure its future in merger talks with the Lagan Group.

Now 289 jobs at the Co Antrim based firm are on the line as administrators Deloitte now look to try and save the business.

Deloitte say Mivan will “continue to trade while all options are considered”.

The company has specialised in marine fit out, commercial and residential developments.

It is understood Mivan made massive losses on projects in Romania which led to a restructuring of the business in 2012.

A last ditched bid to salvage the company failed late last year takeover talks with the Lagan Group failed to strike a deal.

In a statement, Mivan chief executive Ivan McCabrey said after talks over the merger failed to reach agreement, “the directors have been reviewing future options in conjunction with our bankers and professional advisers.

“It is with regret therefore; that the directors have today sought the protection of administration in order to preserve the future options of the business.”