Administrator appointed to Derry-based building firm

An administrator has been appointed to Taggart Holdings one of the largest residential building firms in Ireland.

In a brief statement today Derry-based Taggart said the administrator had been appointed in respect of its operations in Britain and Northern Ireland at the request of Ulster Bank and the Bank of Ireland.

A number of the company's sites in the Republic also have been placed in receivership although the directors said they will continue to develop projects in Mullingar, Navan and Luxembourg.

The firm's directors John and Michael Taggart plan to continue the development of these schemes.

Director Michael Taggart described the appointment of an administrator at the request of the Ulster Bank and Bank of Ireland as "deeply regrettable" and a sign of the seriousness of the crisis now facing the construction and property sectors.