Receivers move into Wexford car firm
O’Leary’s Garage has a Volkswagen dealership at Strandfield, Co Wexford
Liam Dowdall and Seán McNamara of Smith and Williamson’s accountancy arm were this week appointed as joint receivers to O’Leary’s Garage (Wexford) Ltd, one of the better known auto-dealerships in the southeast.
O’Leary’s Garage has a Volkswagen dealership at Strandfield, Rosslare Road, Co Wexford, and is a second-generation family business. Company records show that its only secured creditor is AIB.
It began trading in 1954 and took on the Volkswagen franchise for Co Wexford in in 1977.
The company is one of the region’s biggest dealerships, with a new and used car business plus parts and servicing.
The receivers moved in earlier this week but are planning to run the business as a going concern, so it is continuing to employ its 14 staff.
Mr Dowdall and Mr McNamara said in a statement that they intend to sell the operation and have been seeking expressions of interest.
The motor trade is one of many that is continuing to feel the squeeze.
According to the latest figures from the Society of the Irish Motor Industry, new car registrations fell almost 23 per cent in May to 5,963.
In the first five months of the year, they were down 14 per cent at 51,574.
It was a similar story for light commercial vehicles, which were down 13 per cent in May at 1,069 and 6 per cent in the first five months at 6,477.