120 jobs go as Whelan group wound up

THE High Court has made an order winding up five companies in the Whelan group, one of the largest concrete suppliers in the country, after the directors of the companies yesterday withdrew their petition for examinership. The directors said they “profoundly regretted” that some 120 jobs will be lost.

The companies have 2,000 creditors with the largest secured creditor being the National Assets Management Agency which has taken over some €50 million debts owed to Anglo Irish Bank and opposed examinership due to the proposed large write down of secured debts.

Irish Cement Ltd, owed €4m of a total €10m due to unsecured creditors and Lagan Cement, owed €383,000, also opposed examinership.