Bowen to be wound up with loss of 70 jobs
Published 26/07/2011 | 05:00
ONE of Ireland's biggest construction firms is to be wound up with the loss of up to 70 jobs. Cork-based Bowen Construction will be liquidated after apparently failing to strike a deal with its creditors.
A winding-up order from MCR, one of its creditors, had been expected to be presented at the High Court yesterday.
The court has appointed Jim McStay of McStayLuby as official liquidator.
In its most recent accounts (for 2009), the company said profits halved to €3.8m on turnover of €140.2m -- well down on 2008's figure of €217.6m. At its peak, the company had turnover of some €300m. By year-end, the company had debts of €86.8m, including bank debt of €13m. The accounts list Bank of Ireland as the firm's banker.
Bowen was one of the most active construction companies in the boom, employing 200 people at one point. Among other projects, it carried out the Luas extension in Dublin to Cherrywood, while also building Cork Business Park.
Earlier this month, its British subsidiary Bowen PLC was declared insolvent.