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Examiner appointed to Limerick car dealership
THE INTERIM examiner appointed to the ICR Motor Group, a leading car rental and motor retailer that employs 100 people in Limerick, has said he is "very hopeful" for the long term prospects of the company.
The ICR Motor Group have their headquarters in Limerick and is the parent company for Irish Car Rentals, Ennis Road Motors and Motorzone and employ 157 full-time staff nationally, plus 40 seasonal staff. A statement issued by the company said that all of the company's operations would "continue to trade as normal throughout the period of examinership".
Michael McAteer, a partner in Grant Thornton Accountants in Dublin who specialises in insolvency and corporate recovery, confirmed to the Limerick Chronicle this Tuesday morning that he had been appointed interim examiner and was cautiously optimistic for the company's long-term prospects.
"Well, I would be very hopeful, but it is only the first day," said Mr McAteer.
"For a company to go into examinership, you need to prove to the satisfaction of the court that there is a reasonable prospect of survival and the independent accountant, which was BDO in Limerick, formed that opinion."
The business started out as a rental company founded by Limerick men John Leahy and John Culleton who, according to the company's website, "remain shareholders today".
Mr Culleton, proprietor of Motorzone, was unavailable for comment, while Mr Leahy said he "remained a shareholder, but left the company in an executive capacity about five or six years ago" and did not wish to comment further.
According to its website "the ICR Motor Group is privately owned by a diverse group of shareholders".
The company is to be allowed sufficient time to put long term arrangements to secure its future in place, and Mr McAteer said he would be reporting to the High Court on March 8 about that progress.
The ICR Motor Group was established in 1982 and since then has become one of Ireland's top motor retailers.
The group operates a vehicle car hire business which comprises the National/Alamo franchises for Ireland, plus Irish Van Rentals and Irish Car Rentals, while it operates car rental businesses in most major Irish airports, including Shannon.
The company has also dealerships in Ennis and Tullamore and in 2007 had a turnover of j63m.
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