Frank Keane buys embattled Maxwell dealership
Published 19/07/2011 | 05:00
ONE of the best known car dealerships in Dublin is to reopen after it was bought by a former rival.
Maxwell Motors in Blackrock closed in May with debts of €3.6m but Frank Keane Holdings has completed the purchase of the business as a going concern from Grant Thornton, the receiver appointed by Ulster Bank and Lombard Finance. All 18 jobs have been retained.
Frank Keane's interest in Maxwell was revealed by the Irish Independent last month.
Mr Keane has worked in the Irish motor business since 1952, with his company operating since 1967. It is the distributor of Mitsubishi cars, 4x4s and trucks in Ireland, and operates a BMW and Mini retail outlet on the Naas Road in west Dublin.
Mr Keane commented: "While the motor sector in Ireland has experienced tough trading conditions as a result of the economic downturn, we believe motor retailing is now stabilising and has positive long-term growth potential."
The sale is a rare sign of investment in the motor industry, which has seen more than 100 dealerships go under during the last three years.