Wexford-based building group Cleary Doyle has been placed into receivership by the National Asset Management Agency.
The group blamed collapsing land values, falling revenues and the failure of some of its clients to pay their bills for the decision.
Cleary Doyle issued a statement expressing regret at NAMA’s decision.
It said: “Like other construction businesses, we have been severely affected by the unprecedented impairment in land and property values. This has been compounded by unpaid debts as a result of client receiverships and liquidations,” the group said.
“These problems have been further exacerbated by the problems arising from the falling workload in public and private contracting and the stalled property sector.”
The company was founded in 1961 by Eugene Cleary and John Doyle and as well as the construction of Killeen Castle Golf Club and the Wexford Opera House, the company had a number of high profile developments on its CV including Clonard Village in Wexford, Clonattin Village in Gorey, Avoca Wood in Avoca, Village Gate in Ballycanew, Glencove in Courtown, The Ramblings in Piercestown, The Gallops in Naas, and Baker’s Yard in Dublin 1.
Its commercial developments included the ESB Headquarters in Athlone and the Wexford Retail Park.