Prestigious car dealership forced to shut its doors
Published 18/08/2011 | 05:00
ONE of the country's leading car dealers that specialised in providing luxury cars at the height of the Celtic Tiger boom has gone out of business.
The owners of Cunningham Higgins in Galway, which specialised in top-of-the-range luxury vehicles such as Bentley, Porche, Maserati, Mercedes Benz and Aston Martin, said yesterday they had no choice but to close after the market collapsed.
They closed the premises at Ballybrit on Monday to carry out a review of the business.
Yesterday, Niall Cunningham and Joe Higgins said they were closing down after revealing that revenue dropped from €22m in 2007 to around €6m this year.
The closure will result in the loss of about 15 jobs, which was started 12 years ago.
"The closure is directly attributable to the prolonged recession that we find ourselves in," said the owners in a statement.
They blamed a variety of factors, including the "unsustainable costs of business including taxes, levies, insurances, fuel rates and also lack of government support for sustaining employment".
"This time last year we had the employment subsidy scheme, which our company benefited from in a small way. This year, we have had absolutely no support for sustaining current employment, despite the promises made by the new government at election time," said the statement.
The owners said that they continued to invest their own money over the past few years to keep the business afloat, but could not keep this up.