Patton, one of the North’s oldest family firms and largest construction companies, has gone into administration.

The Ballymena-based company, which had an annual turnover of some £140 million, directly employs 320.

Patton blamed “extremely challenging trading conditions” and the downturn in the construction industry for its recent problems.

Tom Keenan of Keenan Corporate Finance has been formally appointed as administrator to Patton.

The business will continue to trade while Mr Keenan “explores all possible options”, which includes the possibility of a sale of all or parts of the company.

Until yesterday Patton was a celebrated family business in its fourth generation of ownership and management. Neil Patton, chairman of the company, said the move into administration was “a very sad day for everyone connected to this family business and the communities we have served”.

The Ballymena company started as a house-builder in 1912 and diversified into a number of related sectors including health, hotel, office and retail, and also specialised in high-end interior fit-outs.

In recent years Patton had worked on a large portfolio of heritage and conservation projects such as the historic Thompson Dry Dock, which is billed in Belfast as the birth place of the Titanic.

One of the company’s most recent projects involved Malahide Castle in north Dublin, where it was the principal contractor for a €670,000 museum fit-out.