Two Holytown businesses fold but jobs on the way
CLYDE Valley Drilling and sister company Clyde Valley Holdings went into administration last week with the loss of around 40 jobs.
The Holytown firm's managing director, Owen Barrett, blamed the global recession's effect on the construction industry but also announced that another of his firms, CVD Fire Protection Ltd, is expanding to create over 30 jobs.
Princess Anne opened CVD's purpose-built HQ at Eurocentral in 2006 and the firm had been trading with a turnover of around 5 million prior to the recession.
A former building site labourer Mr Barrett (46), set up CVD in 1995 and was highly thought of in the business world.
As recently as November he was named "Emerging Entrepreneur of 2009" by the prestigious Entrepreneurial Exchange.
He said: "The recession has affected some sectors worse than others. Construction and house building were particularly badly hit. The sharp downturn in demand has led to a large reduction in turnover and has had a detrimental impact on Clyde Valley Drilling. Unfortunately we were left with no other option but to enter administration.
"CVD Fire Protection Ltd has remained profitable throughout and will continue to trade with the focus on expansion to create 30-plus jobs."
Full story in February 18 edition of Motherwell Times
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Wednesday 19 June 2013
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