Farrans: Northern Ireland-based construction firm put up for sale

Farrans is part of Irish multinational business CRH which specialises in supplying construction materials

One of Northern Ireland's biggest construction firms, Farrans, is being put up for sale by its Dublin-based owner.

Farrans is part of CRH, a huge global business which specialises in supplying construction materials.

CRH frequently buys and sells businesses as it responds to market conditions.

The potential sale of Farrans was first reported by the Irish News on Monday evening.

In a statement CRH said: "While no final decision has been made, following a strategic review, CRH is exploring the potential divestment of its construction contracting business, Farrans.

"The business, which has a successful track record, a strong market presence and a skilled workforce, continues to operate as normal across all its projects.

"Farrans will continue to update its employees throughout the process."

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Farrans projects in Northern Ireland have included the City Quays 3 office development at Belfast Harbour and the North West Transport Hub in Londonderry.

The CRH operation in Northern Ireland, which trades as Northstone (NI) also includes a manufacturing business and a quarrying business - neither of these is up for sale.

In its last published accounts for 2020, Northstone showed a pre-tax loss of almost £6m on turnover of £363m.

The majority of the turnover, £202m, is related to construction and civil engineering.