130 jobs saved as Moriarty secures investment
Leading Kerry construction firm successfully exits examinership
More than 130 jobs have been saved at leading Kerry construction firm Denis Moriarty Civil Engineering Contractors which has successfully exited examinership.
The company - based at the Kerries in Tralee - applied for and was granted High Court protection from its creditors on January 15.
Examinership provides troubled companies with a protection period of up to 100 days in which to come up with a rescue plan. The process is typically used by companies that believe they have a chance of trading out of their difficulties, if they are given 'breathing space' from their creditors.
The two firms that make up the company - Denis Moriarty The Kerries Ltd and Moriarty Civil Engineering - have now secured new investment which has allowed them emerge from examinership.
It is understood that Pat O'Sullivan - a businessman with significant experience in the manufacturing, distribution, construction and property sectors - has come on board as an investor.
Mr O'Sullivan - who has held senior positions at CRH, Kingspan and Bowen - will also join the managerial team at Moriarty Civil Engineering.
Founded as a small family business in 1970, the company has grown to become one of the county's largest construction firms. It has an average annual turnover of close to €20 million and it employs over 130 people.
The company is one of the top suppliers to the wind energy industry in Ireland with around 20 per cent of all Irish wind turbines installed by Moriarty.
Moriarty's major clients include the ESB, Bord Gáis, Siemens, Energia, Enercon, McDonalds, and the Dublin Airport Authority.
Among the major local projects completed by Moriarty are Fenit marina, the Tralee ship canal, the Sneem Hotel, the Ring of Kerry Golf Course, and a €7 million luxury housing development at Sheen Falls.