Construction firm grew from modest beginnings in 1980s

THE LATE Liam Maye was one of the founders of the Castlethorn Construction group, which was one of the State’s largest and most dynamic building firms.

It built a number of well-regarded residential developments around Dublin and was behind the large Adamstown development in the west of the city. It was also behind the construction of the Dundrum Shopping Centre.

Mr Maye is thought to have been a 40 per cent shareholder in the group. The parent company, Castlethorn Construction, has been an unlimited company for some years and does not publish its accounts.

Mr Maye founded Castlethorn in the 1980s along with fellow Longford men Joe O’Reilly and John Fitzsimons.

From a fairly modest beginning with the Whitethorn estate in Palmerstown, Dublin, they went on to build a number of outstanding schemes including Holmwood in Cabinteely, Avoca Park off Avoca Avenue, Blackrock, and Beaumont Woods on the north side of Dublin.

A dispute involving Mr Maye’s estate ended up in the High Court in November of last year. At that time his estate was reported to be worth €400 million.

Bernard Costelloe, who was involved in various ventures with Mr Maye before his death, wanted orders requiring Anne Maye, in her capacity as personal representative of her late husband’s estate, to honour an agreement concerning the treatment of certain assets and liabilities.

Mr Costelloe, Greenfield Road, Mount Merrion, Dublin, alleged that the sides agreed in August 2008 that he would transfer his interest in certain assets and properties in return for a payment of €2 million, plus the assumption by the estate of various liabilities. *

In the latest accounts of Mayeco Properties Ltd, mentioned in the court yesterday, it is stated that the company has a loan of €57.5 million and that the security on the loan included a guarantee for that amount from the estate of Mr Maye.

* This article was amended on 28/07/10