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Glenveagh Properties and Cairn Homes close construction sites

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Cairn and Glenveagh have closed their construction sites for the next two weeks

Cairn and Glenveagh have closed their construction sites for the next two weeks

MTC Media - Fotolia

Cairn and Glenveagh have closed their construction sites for the next two weeks

Listed house builders Cairn Homes and Glenveagh Properties have closed their construction sites for the next two weeks in line with Government guidelines announced on Friday.

In a statement this morning Cairn Homes reiterated that it has a “strong balance sheet,” with total equity of €763.7m as at 31 December.

The company had net debt of €91.2m at the end of the year, comprising of drawn debt of €148m and cash of €56.8m.

In recent weeks the company has drawn down the available €194m of its €200m revolving credit facility.

Meanwhile, Glenveagh has debt of approximately €4m, cash resources and available committed facilities of €121m, as well as a further €125m of uncommitted facilities at 25 March, it said in a statement today.

Analysts at Davy Stockbrokers said the closure of sites “will have an impact on volumes and the magnitude of this will ultimately depend on the length of downtime.”

Elsewhere, following Friday’s announcement from the government on further restrictions in order to limit the spread of the coronavirus, Grafton Group has closed its Woodie’s DIY business across Ireland.

It has also significantly scaled down the operations of its distribution business here, which will only supply materials on a delivery-only basis to “essential health projects, critical road and utility infrastructure and emergency supplies to businesses and homes in line with the new public health guidelines.”

Meanwhile, Brown Thomas and Arnotts, which closed their doors on March 18 have, have suspended their online stores.

Online Editors