6 March 2017
Kenny Galway secures 35 jobs
Kenny Galway is the main Volvo, Kia, Peugeot and Citroen dealership in Galway operating from state-of-the-art showrooms built in 2004. The business emerged from examination after 100 days of restructuring having previously been closed for two days by the appointment of receivers by vulture capital fund Sankaty last November. The High Court in Dublin heard that the business had been completely refinanced by the existing owners and that the company had strong prospects going forward, having seen strong growth in sales for all is brands over the past number of years.
Brian Kenny, Kenny Galway said: “We are delighted that we have been in a position to place the business on such a sound footing and secure the employment of our staff. I want to pay tribute to them and thank them for their loyalty and commitment.” He added: “We have built up the business over the past 25 years based on our people, our reputation for customer service and the quality of the cars we sell and I want to thank also our customers, suppliers and business partners for their unwavering support during this process. We are looking ahead now to once again focus on our business and continue to serve our customer base in the West of Ireland.”
Pat O’Sullivan, of Cognito Management Consultants and Matheson Solicitors, acted as advisors to the company during the examinership. Neil Hughes, of Baker Tilly, Dublin, acted as examiner during the process, where the vulture capital fund debt was settled today following implementation of the examiner’s scheme of arrangement.
Examinership was introduced in Ireland in 1990 to give a breathing space for viable companies to restructure, with a view to protecting employment.