According to the Irish Examiner Newspaper Brian McCarthy Contractors Ltd became the latest victim of the building crash after confirming that it has ceased trading.
In place for the past 36 years this builder employed over 220 during the boom and the decision to cease trading will result in the loss of the 20 direct jobs that remained at the firm.
A spokesman for the company confirmed a receiver was appointed and stated: “It is a sad time. We have long-serving employees who have been very loyal. It will be as orderly a wind-down as possible.”
The spokesman said that the company decided to close “due to the unavailability of profitable work”.
He said: “It was not viable to continue and there was insufficient workload to cover overheads. It was an extremely difficult decision to cease trading, but it was also a prudent commercial decision as it was not feasible to continue.”
The spokesman said that the Government awarding contracts to below-cost tenders for public works “made it very difficult to continue”.
The spokesman said: “We have a pessimistic view of the market in Ireland. The public sector is the main market for contracts and the new form of government contract is so loaded against the contractor, it would have been bordering on reckless trading if we had tried to enter into these contracts.”
The company said that the last 18 months “have been quite stressful when you are doing everything possible to generate new sources of work".
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