Limerick construction firm enters liquidation owing over €5m

A LIMERICK construction firm which was involved in some of Ireland's most high-profile building contracts has entered liquidation.

Nautic Building Company, which was based at Courtbrack Avenue, just off South Circular Road in the city, was brought to an end following a creditors' meeting at the South Court Hotel.

It's understood the firm had in the region of 30 permanent staff.

The meeting - described as "fraught" by sources present - saw Deloitte's Andrew Byrne and James Anderson appointed as  joint liquidators.

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Approximately 250 building contractors are owed significant amounts totalling more than €5m altogether.

Founded in 1981, Nautic were involved in the building of many projects across Limerick as well as nationally.

Locally, it was the lead contractor on the regional offices of the Impact Trade Union. Its builders led the €8m development of industrial space at Shannon Free Zone.

Contractors also built the 60-bed block at University Hospital Limerick.

On top of this, it worked on the Croom Civic Centre, and also the main entrance and gate lodge at the five-star Adare Manor resort.

The construction company was also appointed as the contractor for a 140-seat multi-purpose theatre building for boys’ secondary school Ardscoil Rís off Ennis Road in the city.

Other contracts it won included a large-scale housing development in Castleconnell and Murroe Wood Community Centre.

According to a report in the Sunday Independent, the €5.2million liabilities include more than €4.28m in trade payables, a €196,600 debt to Revenue, and more than €288,500 in claims from 21 employees.

Sources present at the creditors meeting have suggested some sub-contractors spoke of going out of business themselves due to unpaid bills from Nautic.

Limerick Live understands the firm has been struggling for more than a year.

Jason Quirke, one of the directors of the business, did not return a request for comment from this newspaper.

Julia Quirke and James Quirke are also listed as directors.