A receiver has been appointed to one of the largest construction firms in the mid-west, Brian McCarthy Contractors Ltd, that ceased trading last month.
AIB has appointed Kieran Wallace of KPMG as receiver and manager to the Ennis-based firm. The firm’s most recently filed accounts to the end of Dec 2010 show that it had borrowings of €7.39m from aib, with the bank having mortgages over company properties at Fermoy, Co Cork, and Quin and Ennis in Co Clare.
One of the company’s unfinished contracts was a €10m expansion of Pepsi’s Cork facility.
Subcontractors on the Pepsi expansion remain committed to blocking the site if they are not repaid money they are owed for work already completed on the job.
It is understood that at least one contractor is owed more than €100,000.
During the building boom, Brian McCarthy Contractors Ltd recorded revenues in excess of €70m and completed projects like the 17-storey Clarion Hotel in Limerick and the Irish Chamber Orchestra building at the University of Limerick.
The firm employed over 220 during the boom and the decision to cease trading resulted in the loss of 20 jobs
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