Tag Archives: receivership

SUBCONTRACTORS and construction suppliers throughout Clare are owed substantial sums of money following the announcement construction giant Roadbridge is going into receivership, leaving the future of its 630 workforce and a further 1,000 indirect positions in jeopardy. The Limerick-headquartered civil engineering and construction firm, which traded for over half a century, sent shock waves throughout the Mid-West when it requested Bank of Ireland on Friday to appoint Grant Thornton as receivers as result of insurmountable financial challenges. This decision also places a major question mark over when projects like the €58 million Coonagh to Knockalisheen Road will be fully completed following the company’s serious financial difficulties. Residents in South-East Clare are becoming increasingly concerned this unexpected setback will result in years of a delay or may even scupper the project entirely for the foreseeable future. It is understood half of the first phase of this major piece of road infrastructure is properly finished. Concerns had been raised when the company, …

Established in 1972, the Shannon Knights, the iconic bar and bistro and one of the most prominent social venues in the town, has entered receivership. A member of management said employees are, as yet, unaffected and that the outgoing owners had been good to work for and are well regarded in the community. Shannon Knights embarked on a multi-million euro revamp some years ago and when it reopened in 2010, there was talk of expanding its clientele to Ennis and Limerick, but economic conditions proved very challenging thereafter. Annual accounts filed in 2015 and prepared by Curtin, O’Friel & Co Chartered Certified Accountants, showed that in the year to the end of August 2014, Shannon Knights had accumulated losses of €1,745,549. The accounts also showed that there were bank loans of over €3.4 million to be repaid. At the time there was uncertainty about the ability of the company to continue, as the submission stated there was “uncertainty which may cast …

DOONBEG Golf Club general manager, Joe Russell, has been told by receivers that they hope to have a sale completed within a six week timeframe. On Monday, Luke Charleton and David Hughes of Ernest and Young were appointed joint receivers to The Lodge at Doonbeg and Doonbeg Golf Club. “Ernest and Young have said to us that they hope this process will take four to six weeks which, quite frankly, given other receiverships, is quite quick. There does appear to be an appetite from people involved to get this process done quickly,” Joe Russell confirmed. “Approximately six enquiries have come through me for information on the purchase. I referred it on to Ernest and Young who, in turn, have a company that they’re working with in the USA to find the right buyer for here,” he added. The general manager said he could not take a guess as to how much potential new owners might have to pay for the …

Luke Charleton and David Hughes of Ernest and Young have been appointed joint receivers to The Lodge at Doonbeg and Doonbeg Golf Club in West Clare. The property is one of Ireland and Europe’s most distinguished five-star luxury resorts. “The Lodge and its facilities are recognised as one of the premier golf and leisure destinations in Ireland and Europe. The Lodge at Doonbeg and Doonbeg Golf Club will continue to trade as normal, with all employment being maintained and suppliers being retained. Additionally, there will be no change in the status of members of Doonbeg Golf Club,” Luke Charleton commented. There will be no disruption to services as a result of the appointment, events booked will go ahead as scheduled and all deposits and gift vouchers will be honoured. Mr Charleton said he was aware that interest has already been expressed in the property and is hopeful of concluding a sale as a going concern within a short time frame.