independent

Friday 15 December 2017

Jobs safe as O'Leary's goes into receivership

David Tucker

O’Leary’s Garage, Drinagh, which has gone into receivership.
O’Leary’s Garage, Drinagh, which has gone into receivership.

RECEIVERS have been appointed to O'Leary's Volkswagen in Wexford, but the jobs of the 15-strong staff have been secured.

RECEIVERS have been appointed to O'Leary's Volkswagen in Wexford, but the jobs of the 15-strong staff have been secured.

With the Receivers seeking a buyer, the business will continue to trade, but without the involvement of the family.

'It was a massive shock to the whole family,' said Mairead O'Leary, after the Receivers moved in on Tuesday evening.

Mairead said that while times had been tough, the family had believed they were getting through their trading difficulties and the appointment of the Receivers by the bank had come out of the blue.

'We did think we would get through it and had been working with the bank and Volkswagen,' she said, without identifying which bank was involved.

The O'Leary name has been synonomous with Volkswagen for the past 36 years and the decision severs a connection going back generations.

Receivers Liam Dowdall and Sean McNamara from Smith and Williamson are now actively seeking a new buyer for the business which they plan to sell as a going concern.

The business was started by Liam O'Leary in Bunclody with a move to Enniscorthy in the early 1990s. He officially retired from the business in 2011.

O'Leary's, under directors Cormac O'Leary and his wife Pearl, expanded to open a new state-of-the art showroom on the Rosslare Road in Wexford several years ago, but the business, like most of motor dealers in the country, has been hard hit by the recession and the slump in new car sales.

'We have been assured that the jobs of our 15 permanent staff are secure for now,' said Mairead.

She said that while there were 'funding issues', the specific reasons for the bank's decision had not been outlined to the family.

'The shock is beginning to wear off a bit now,' said Mairead, 'VW is still trading, the business is open as usual and we want that and we don't want there to be any change in the day-to-day running of it,' she said.

O'Leary's garage in Enniscorthy closed last December with five of the seven employees absorbed into the Wexford dealership.

'What's happened is very sad, we don't know what the furue holds for us,' said Mairead who along with Cormac will no longer be involved with the business.

Speaking on behalf of Comac, she said he wanted to thank all his customers for their years of support .

She said his most immediate concern was for the welfare of his staff and the future of the business.

Wexford People

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