Bank takes control of Bill Cullen’s last two car dealerships
ULSTER Bank has moved in to take control of Bill Cullen’s two remaining Renault dealerships in Dublin which have gone into receivership.
After 55 years in the motor industry, Mr Cullen blamed the “poor state of the motor industry with customer confidence at an all-time low”.
The bank has appointed Kavanagh Fennell as receivers to his Glencullen Holdings organisation.
The Bill Cullen Motor Group (BCMG) is Glencullen’s main operation with the two former Renault dealerships in Dublin, one in Airside Motor Park in Swords and the other in Liffey Valley Motor Mall.
“Car dealerships built at Celtic Tiger prices have been written down by more than 70pc. With the dreaded December Budget on the horizon, the poor forecast for 2013 car sales does not give any confidence to the banks”, a statement on behalf of Mr Cullen said.
“A receiver is moving in. He’s quite sad about it. He gave it everything and tried all he could to save the business but unfortunately it wasn’t to be,” a spokesperson said.
The entrepreneur made his fortune as Ireland's main Renault dealer for more than 20 years. He held exclusive rights to import the vehicles from 1986 until 2007 when the French company took back control of the distribution end of the business.
The motor industry veteran was left with a chain of four Renault garages until this summer when his company was forced to close the dealerships in Ennis and Galway.
His long-running association with the car manufacturer ended in August after the last of his garages lost the right to sell the cars.
He lost his exclusive rights to sell Renault-brand cars and parts from his massive Dublin car showrooms at Airside in Swords and Liffey Valley.