Struggling car dealer in talks over future
Published 22/07/2010 | 05:00
A MAJOR car dealership is in talks with financial advisers about its future, the Irish Independent has learnt.
It is understood representatives from McKeon Motors in Kells, Co Meath, which sells BMW, Opel, Kia and Mitsubishi cars, contacted motor companies early yesterday to appraise them of the situation.
The company is majority owned by Michael McKeon, but Rae Lawless is also listed as a shareholder, according to accounts for McKeon Motors.
The company has been selling cars for 30 years, but its most recent accounts show that as of 2008, creditors were owed more than €12m. They include banks and trade creditors.
The accounts also show the company swung to a loss in 2008 of €568,138 from a profit of €528,556 the previous year.
In the same period, 88 people were employed by the car firm.
Car companies said they were surprised by the news, but would be in contact with customers. Kia Motors Ireland marketing manager Aidan Doyle last night said he was shocked.
When contacted by the Irish Independent, BMW Ireland sales and marketing director Michael Nugent said it would stand over whatever deals had been done with customers.
Attempts to contact Mr McKeon were unsuccessful. An answering machine said the office was closed temporarily.