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Kenny Galway gone into receivership.

  • 16-11-2016 05:10PM
    #1
    Registered Users, Registered Users 2 Posts: 6,198 ✭✭✭


    cars being loaded onto multiple car transporters,nobody allowed in ,bailiffs with note pads,few heavies.. going on right now,id hate to have a car in for work,or a recent purchase thats giving trouble..


«1

Comments

  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Regional West Moderators Posts: 61,851 Mod ✭✭✭✭Gremlinertia




  • Registered Users, Registered Users 2 Posts: 2,935 ✭✭✭beardybrewer


    Bought a car there during the summer. Shocking lack of customer service and hassle. Guess my warranty is over.

    http://www.irishtimes.com/business/retail-and-services/car-dealer-kenny-galway-goes-into-receivership-1.2870682


  • Registered Users, Registered Users 2 Posts: 10,205 ✭✭✭✭JohnCleary


    Sickener that people will be left high and dry because of bad property deals / loans


  • Registered Users, Registered Users 2 Posts: 6,198 ✭✭✭marklazarcovic


    They moved in fast,well planned,probably clear the lot by tomorrow


  • Closed Accounts Posts: 427 ✭✭Boggy Turf


    They moved in fast,well planned,probably clear the lot by tomorrow

    Private bargains to be had or do they sell in bulk?


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  • Closed Accounts Posts: 781 ✭✭✭CINCLANTFLT



    "Our motoring correspondent Gerry Murphy says the business is viable but its property loans were transferred to a vulture company"

    I'd have to ask Mr Murphy for his source... vulture fund is shall we say an emotional term!


  • Registered Users, Registered Users 2 Posts: 7,997 ✭✭✭GerardKeating


    "Our motoring correspondent Gerry Murphy says the business is viable but its property loans were transferred to a vulture company"

    I'd have to ask Mr Murphy for his source... vulture fund is shall we say an emotional term!

    Also, slightly contradictory, the business is viable, but cannot afford the loans for the property.

    Profitable means being able to pay running costs and the cost of the premise is a running cost.


  • Closed Accounts Posts: 781 ✭✭✭CINCLANTFLT


    Also, slightly contradictory, the business is viable, but cannot afford the loans for the property.

    Profitable means being able to pay running costs and the cost of the premise is a running cost.

    Agreed...


  • Registered Users, Registered Users 2 Posts: 471 ✭✭StonedRaider


    Bought a car there during the summer. Shocking lack of customer service and hassle. Guess my warranty is over.

    http://www.irishtimes.com/business/retail-and-services/car-dealer-kenny-galway-goes-into-receivership-1.2870682

    Shocking lack of customer service is right. Won't be missed.


  • Registered Users, Registered Users 2 Posts: 8,473 ✭✭✭Gadgetman496


    Where were they originally located prior to the move to the Tuam Rd? They were originally "O'Sullivan, Hansbury & Kenny Ltd." but Kenny bought it out.

    I can't think of too many suitable premises that he could be looking at, the Arch Motors one is still vacant in Westside.

    "Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid."



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  • Registered Users, Registered Users 2 Posts: 8,473 ✭✭✭Gadgetman496


    They moved in fast,well planned,probably clear the lot by tomorrow

    Well, we are lead to believe the business and stock are not in the mix according to GBFM this morning, it was purely down to outstanding loans on the premises itself.

    If that were the case? Was it Kenny himself that was behind moving the stock?

    "Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid."



  • Registered Users, Registered Users 2 Posts: 86,488 ✭✭✭✭Atlantic Dawn
    GDY151


    Did the business speculate too much to accumalate or were they just run by a clown? Car sales are flat out at the moment, anyone going bust made bad bad decisions in the deals they negotiated.


  • Users Awaiting Email Confirmation Posts: 1,296 ✭✭✭J.pilkington


    Did the business speculate too much to accumalate or were they just run by a clown? Car sales are flat out at the moment, anyone going bust made bad bad decisions in the deals they negotiated.

    A lot of assumptions there, do you even know the garage in question or are you just throwing around general clown comments to boost post count?

    As pointed out by a previous poster a shareholder bought out their partners shares several years ago during the boom, fancy garage was included hence high price which was mortgaged with an Irish bank. They weathered the significant recession (maybe fell behind on their loan repayments / negotiated interest only?). The Irish bank then sold on their loan book to a "vulture fund" who have since demanded full and final payment (as they are entitled to do via loan terms, the same loan terms which apply on 90% of Irish business loans).

    So your 'expert' opinion that a booming car trade which has lasted all of a few years is capable of clearing all outstanding legacy loans doesn't carry much weight.


  • Registered Users, Registered Users 2 Posts: 6,198 ✭✭✭marklazarcovic


    Not sure who was behind the removal of cars tbh


  • Registered Users, Registered Users 2 Posts: 846 ✭✭✭westgolf


    Where were they originally located prior to the move to the Tuam Rd? They were originally "O'Sullivan, Hansbury & Kenny Ltd." but Kenny bought it out.

    I can't think of too many suitable premises that he could be looking at, the Arch Motors one is still vacant in Westside.
    where maldron/sweeney oil / get furnished building is in terryland.


  • Registered Users, Registered Users 2 Posts: 6,102 ✭✭✭Storm 10


    Where were they originally located prior to the move to the Tuam Rd? They were originally "O'Sullivan, Hansbury & Kenny Ltd." but Kenny bought it out.

    I can't think of too many suitable premises that he could be looking at, the Arch Motors one is still vacant in Westside.

    I heard on the radio a few weeks ago that Monaghans Garage have taken Arch Motors, nothing happening there at present.


  • Registered Users, Registered Users 2 Posts: 5,190 ✭✭✭goochy


    can someone please look this up and post a link ? unable to do this myself and I cant post about closures without a link !
    its interesting as the dealer states that its due to property loand being called in by vulture funds !
    its the first major closure in a long time so it might not be linked to the car market but property.


  • Registered Users, Registered Users 2 Posts: 897 ✭✭✭JohnFalstaff


    There's a thread in the Galway forum with more information:

    http://www.boards.ie/vbulletin/showthread.php?t=2057671261


  • Registered Users, Registered Users 2 Posts: 8,364 ✭✭✭Guffy


    Where were they originally located prior to the move to the Tuam Rd? They were originally "O'Sullivan, Hansbury & Kenny Ltd." but Kenny bought it out.

    I can't think of too many suitable premises that he could be looking at, the Arch Motors one is still vacant in Westside.

    Leaseholder cannot be contacted here so they can't do anything with it (car sales part)

    Monaghans have the garage and shop now, they are/have made big changes inside, including adding a deli. It will remain a topaz fuel site but shop will be something else


  • Posts: 1,357 ✭✭✭ [Deleted User]


    Storm 10 wrote: »
    I heard on the radio a few weeks ago that Monaghans Garage have taken Arch Motors, nothing happening there at present.

    I doubt that. They just completed renovations on their site on the Tuam Road.
    Not saying that you're wrong, but I would think it is unlikely


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  • Registered Users, Registered Users 2 Posts: 8,364 ✭✭✭Guffy


    I doubt that. They just completed renovations on their site on the Tuam Road.
    Not saying that you're wrong, but I would think it is unlikely

    He's not wrong. Its fact


  • Registered Users, Registered Users 2 Posts: 471 ✭✭StonedRaider


    I spotted it in todays galway advertiser re monaghans in westside


  • Moderators, Science, Health & Environment Moderators Posts: 20,471 Mod ✭✭✭✭Sam Russell


    Kenny's gone - the car dealer held franchises for Citroen, Volvo, Kia and Peugeot


    More here

    Where does that leave people who have ordered new cars and paid a deposit?


  • Registered Users, Registered Users 2 Posts: 5,473 ✭✭✭ofcork


    Has that garage anything to do with the Kenny properly group I wonder.


  • Registered Users, Registered Users 2 Posts: 51,642 ✭✭✭✭bazz26


    I hope they paid their deposit by credit card, at least that way they are insured and should get their money back.


  • Registered Users, Registered Users 2 Posts: 3,043 ✭✭✭ForestFire


    Feel for the people who have lost their jobs and etc, but... I was in there inquiring about a 5008 1.2 petrol model and they told me they could not order them anymore in Ireland.

    Kept trying to sell me the Sportage we very little discount for cash deal that I clearly did not want.

    Went to JJ Burks and not only was the petrol version available he got a test car down from Dublin for my to drive.

    If there were willing to turn away business like that at Kenny then no wonder.

    Went for a different car in the end, but must say the "Sales" if JJ Burke were excellent in comparison. not sure what the after service is like there.


  • Registered Users, Registered Users 2 Posts: 2,935 ✭✭✭beardybrewer


    ForestFire wrote: »
    Went for a different car in the end, but must say the "Sales" if JJ Burke were excellent in comparison. not sure what the after service is like there.

    Trust me, the service is much much worse. Messed up repairs snag list. Failed my NCT.

    Worst of all they sold me a car under active recall.

    Sales guy wouldn't return my call once sale was complete.

    I was so aghast that practice is legal I repeatedly contacted the SIMI and never got an answer.


  • Registered Users, Registered Users 2 Posts: 37,308 ✭✭✭✭the_syco


    Where does that leave people who have ordered new cars and paid a deposit?
    Fcuked, I'd say.

    I wonder if they'll be marked as "insecure creditors", and left to the end of the list of creditors?


  • Registered Users, Registered Users 2 Posts: 6,845 ✭✭✭Noccy_Mondy


    Held up in traffic outside it for a while. Was just admiring what a setup they have. Massive massive showroom and stock.


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  • Moderators, Science, Health & Environment Moderators Posts: 20,471 Mod ✭✭✭✭Sam Russell


    Held up in traffic outside it for a while. Was just admiring what a setup they have. Massive massive showroom and stock.

    I suspect the stock is safely back with the owners by now. I heard there were lorries outside loading up with cars.

    Fortunately I am not in the market for a new Citroen, Volvo, etc.

    Sad day. Apparently it was due to vulture funds buying XXXXXX Bank loan books. Garage was profitable, but the new showroom might have been a jump too far.


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