Latest news with #Instrotec
Irish Times
3 days ago
- Business
- Irish Times
Rescue plan at specialist electrical systems business saves 480 jobs
The jobs of 480 workers have been saved after a court approved a rescue plan for Westport-based electrical contractor Instrotec. Approving the plan drawn up by examiner Joe Walsh of JW Accountants, Ms Justice Leonie Reynolds complimented the pragmatic attitude taken by the Revenue Commissioners in deciding to accept the deferment of significant payments due to them in order to save so many jobs. The court heard that Instrotec was a specialist electrical and instrumentation contractor working on complex projects such as data centres, semiconductor and pharmaceutical facilities as well as oil and gas plants in Ireland and Europe. It has 172 apprentices on its books, making it one of the largest trainers of skilled workers in the State. READ MORE Revenues had more than trebled in recent years from €11.7 million in 2020 to €39.2 million in 2023 as the company worked on contracts with industry leaders including Intel, Pfizer, Microsoft, Eli Lilly and MSD. The company got into trouble last year after delays and cost overruns on three specific projects, according to an independent report prepared by Cormac Mohan, an accountant at Fitzwilliam Corporate, which said the business, which went into examinership in May, had a reasonable chance of survival. The three projects were Eli Lilly's new plant in Limerick, a data centre project in Amsterdam and a Microsoft development in Sweden. Ms Justice Reynolds said the court considered the examiner's scheme of arrangement fair and equitable to all parties involved and would protect jobs going forward. She said Revenue's attitude was very helpful in ensuring survival of the company. The court was told that Revenue was not objecting to the scheme of rescue arrangement proposed by Mr Walsh. Counsel for Revenue said the jobs included apprentices and those employed in external agency contracts. Instrotec which also controls three international subsidiaries in Germany, Denmark and the UK, was founded in 2000 by Donal Johnston and Donna Johnston who have run the business for 25 years. Donal, a time served electrician with extensive instrumentation and control experience, had identified an opportunity in the market for a specialist contractor in the field of electrical instrumentation and instrument pipe fitting. Instrotec quickly established a reputation in the growing pharmaceutical and microprocessor manufacturing sectors as the foremost contractor for instrumentation and control systems. In recent years it had expanded on its existing electrical portfolio to establish a proven track record in the installation of various low and medium voltage electrical systems across a broad range of sectors. That allowed the Mayo business to provide an all-encompassing service across instrumentation and control, building management and industrial electrical systems.
Irish Examiner
4 days ago
- Business
- Irish Examiner
Instrotec rescue plan approved
Examiner Joe Walsh's rescue plan for Westport-based Instrotec Ireland, which saves the jobs of 480 workers, was approved on Thursday by Ms Justice Leonie Reynolds in the High Court. Judge Reynolds complimented the pragmatic attitude taken by the Revenue Commissioners in deciding to accept the deferment of significant payments due to them in order to save so many jobs. The court was told that Revenue was not objecting to the scheme of rescue arrangement proposed by Mr Walsh, of JW Accountants, who had been appointed as examiner to the company. Counsel for Revenue said the jobs included apprentices and those employed in external agency contracts. Judge Reynolds said the court considered the examiner's scheme of arrangement fair and equitable to all parties and would protect jobs. She said Revenue's attitude was very helpful in ensuring the survival of the company. The court heard that Instrotec was a specialist electrical and instrumentation contractor which works on complex projects such as data centres and semiconductor and pharmaceutical facilities as well as oil and gas plants in Ireland and Europe. It has 172 apprentices on its books, making it one of the largest trainers of skilled workers in the country. The High Court had been told earlier that the company had a reasonable prospect of survival based on an independent accountant's report prior to the appointment of Mr Walsh as examiner. Instrotec, which was founded in 2000 by Donal and Donna Johnston, faced an 'exceptionally challenging' period in the first quarter of this year as three large projects all became loss-making. At the time, Donal Johnston, a time-served electrician with extensive instrumentation and control experience, had identified an opportunity in the market for a specialist contractor in the field of electrical instrumentation and instrument pipefitting. By coupling this specialist expertise with the provision of traditional industrial electrical systems, Instrotec quickly established a reputation in the growing pharmaceutical and microprocessor manufacturing sectors as the foremost contractor in the provision of instrumentation and control systems. In recent years, Instrotec expanded on its existing electrical portfolio to establish a proven track record in the installation of various low voltage and medium voltage electrical systems across a broad range of sectors and to the highest of industry standards Through strengthening this branch of the company Instrotec had become uniquely positioned to provide an all-encompassing service across instrumentation and control, building management and industrial electrical systems.
