One of the island’s best established and oldest building firms, McArd Construction Ltd, has closed its doors with the loss of nine jobs.
Managing director of the Port Erin based business Paul McArd said he made the decision after much soul searching.
‘With great regret I made the decision to conclude the business,’ he said. ‘We have ceased trading. I want to give comfort to all creditors, they will be settled.’
He said he had no choice given ‘depressed’ market conditions.
‘The climate is depressed and the construction sector has been hit very badly and the housing market is stagnant with very little movement. The industry has been struggling for a number of years now and I am sure 90 per cent of contractors feel the same.’
He aired his concerns in a January 2012 edition of the Examiner when he wrote: ‘The construction industry remains depressed and will continue to experience extremely difficult trading conditions for the coming year and beyond.
‘The government will no doubt attempt to release as many capital projects as their cost constraints will allow, but this is unlikely to defer potentially large redundancies within the industry.’
He added: ‘The construction industry has often been described as the barometer for the nation’s prosperity. If this is still the case we should all prepare for stormy conditions ahead.’
The business was established by his great, great grandfather Joseph in 1856.
McArd has constructed many landmark buildings including: the marine biological station, three churches in Port Erin and one in Port St Mary, the Ocean Castle, Port Erin railway station and Collinson’s cafe in Port Erin.
At one stage in Mr McArd’s 21 years as MD, the firm employed up to 70 people. That has been whittled down and there are now nine employees. One was with the company for 47 years. Another, who retired in July, had been there for 50 years.
Mr McArd has been in the industry for 29 years and said conditions have never been so bad.
‘I cannot see any light at the end of the tunnel for the upturn in construction at the moment. If I could see a change I would hold my breath, but I cannot see anything. There is no other option out there, the only way was to wind it down and stop trading.’