The Clare Champion Clare news, sport, entertainment and local notes
A receiver has been appointed to one of Clare’s largest construction firms, which ceased trading last month, with the loss of 20 jobs.
AIB has appointed Kieran Wallace of KPMG as receiver and manager to Ennis-based Brian McCarthy Contractors Ltd which was located on the Quin Road Industrial Park. The company became yet another casualty of the unprecedented crash in the construction industry.
The firm’s most recently filed accounts to the end of December 2010 show it had borrowings of over €7 million from AIB, with the bank having mortgages over company properties in Quin and Ennis as well as in Cork.
The award-winning firm, which traded for the past 36 years, employed over 200 people at the height of the building boom. The company stated that losses were recorded in the past two years and that it was no longer viable to continue trading as there was an insufficient workload to cover overheads.
The company also cited the awarding of public projects by the government to below cost tenders as a contributory factor in the downturn in their business.
