"The company described the action as a "necessary step" given the assessment of the new board, constituted on July 31, that the company is loss making and is currently unable to pay its debts as they fall due. There are 48 employees. "Unfortunately, the company has had to make the difficult decision to cease trading with immediate effect and it will enter into a 30 day collective redundancy consultation process with its staff later this week," said a spokesperson."
""The company very much regrets the impact this decision will have on its valued employees, members of the golf club and leisure centre, customers, suppliers, the local community in Dundrum and other stakeholders. However, it is unavoidable given the state of the company's financial affairs," added the spokesperson. The company will work closely with its advisors to "ensure that all obligations to employees and other stakeholders are managed appropriately and in compliance with all relevant laws and regulations"."
Brogan Capital Ventures Ltd, operator of Dundrum House Golf and Leisure Resort, announced immediate cessation of trading after a newly constituted board assessed the company as loss-making and unable to pay debts as they fall due. The company employs 48 staff and will enter a 30-day collective redundancy consultation process. The IPAS centre on the Dundrum House campus, operated by a third party, remains unaffected. The company expressed regret for the impact on employees, members, customers, suppliers and the local Dundrum community and will work with advisors to manage obligations in compliance with laws and regulations. Local representatives expressed widespread shock and described the closure as a crisis for staff and the historic site.
Read at Irish Independent
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