Builder Taggart Holdings let go 10 of its core staff before Christmas, and expects conditions to be tougher in 2008 than in previous years as housing markets slow.
A spokesman confirmed yesterday that Derry-based Taggart laid off 10 of its sales and management staff, from a core workforce of 60, at the end of 2007.
Taggart is largely focused on housebuilding and sales. Its spokesman added yesterday that it expected the slowdown in the Irish and British residential markets to hit its businesses this year.
"It's the same story for many companies operating in the same sector," the spokesman said.
The credit crunch boosted interest rates in Britain and Northern Ireland, slowing demand for housing in both areas.
Higher euro borrowing charges and increased uncertainty about the direction that the market is taking have dragged down both sales and house prices in the Republic.
Taggart has offices in Derry, Dublin, Britain, Europe and the US. Last year it built 500 new homes, most of them in Ireland and Britain. This was an increase of 100 on 2006.
The company followed other Irish builders into the north of England market in 2006, and bought housing developer Cecil M Yuill in Hartlepool.
Last year it reported that sales in 2006 almost doubled to €164 million, while it made profits of €36 million. The company has yet to report figures for 2007.
