The fuel company founded by Limerick FC boss Pat O’Sullivan is to go into voluntary liquidation
THE fuel company founded by Limerick FC boss Pat O’Sullivan is to go into voluntary liquidation, the Limerick Leader can reveal.
A creditors meeting has been called for Galtee Fuels, based at Barrigone, Askeaton, and is expected to be complete in the coming weeks.
Speaking to Limerick soccer supporters at a meeting at the Savoy Hotel on Tuesday night, the Super Blues chairman confirmed due to a wish to “change lifestyle,” he intends to wind up the company, which has been in operation for more than 25 years.
Some 16 people work for Galtee Fuels, which has its head office in Askeaton, as well as fuel depots in Cobh, Co Cork and Crettard, Co Laois.
The company exists to provide the sale of solid fuels, ores, metal and industrial chemicals in terms of wholesale, retail, personal and household goods.
The most recent financial statements, filed by Galtee Fuels in January this year, for the financial year ending April 30, 2017, shows the firm was solvent, with total assets, less current liabilities of more than €1m.
However, the financial statements also show Galtee Fuels owe creditors over €3m including €1.4m to the tax-man for VAT, PAYE, PRSI and Carbon Tax.
Speaking to the Limerick Leader after the meeting, which was designed to raise money and backing for the Markets Field outfit, Ballylanders businessman Mr O’Sullivan said: “I’m not going to comment on that. It’s a personal decision. I’m just dealing with it myself.”
A report from Solocheck.ie affords Galtee Fuels – which also trades under the name of Greenheat – a credit score of 36 out of 100, and classifies it as a “high risk” firm.
Last year, Mr O’Sullivan called on Environment Minister Denis Naughten to divest the state’s interest in Bord Na Mona.
He suggested funding it was “anti-competitive” and detrimental to other businesses in the market.
He said the investment by Bord Na Móna for its smokeless coal plant in Foynes is in breach of EU competition law, as it is getting an unfair advantage in its preparations for a potential smoky coal ban.