Kenny Galway gone into receivership.

marklazarcovic

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..

Gremlinertia

http://galwaybayfm.ie/kenny-family-seek-new-premises-following-shock-closure-tuam-road-dealership/

Source link

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

JohnCleary

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

marklazarcovic

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

Boggy Turf

marklazarcovic wrote: »

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

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

CINCLANTFLT

Gremlinertia wrote: »

http://galwaybayfm.ie/kenny-family-seek-new-premises-following-shock-closure-tuam-road-dealership/

Source link

"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!

GerardKeating

CINCLANTFLT wrote: »

"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.

CINCLANTFLT

GerardKeating wrote: »

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...

StonedRaider

beardybrewer wrote: »

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.

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.

Gadgetman496

marklazarcovic wrote: »

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?

Atlantic Dawn

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.

J.pilkington

Atlantic Dawn wrote: »

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.

marklazarcovic

Not sure who was behind the removal of cars tbh

westgolf

Gadgetman496 wrote: »

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.

Storm 10

Gadgetman496 wrote: »

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.

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.

JohnFalstaff

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

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

Guffy

Gadgetman496 wrote: »

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

Storm 10

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

Guffy

[Deleted User] wrote: »

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

StonedRaider

I spotted it in todays galway advertiser re monaghans in westside

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?

ofcork

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

bazz26

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

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.

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.

the_syco

Sam Russell wrote: »

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?

Noccy_Mondy

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

Sam Russell

Noccy_Mondy wrote: »

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.

James Bond Junior

Sam Russell wrote: »

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.

They owned everything there except the land it sat on. If they can get a new premises they may be ok but it's a sad that a highly profitable business can go pop like that because a US vulture fund said so.

ShadowHearth

James Bond Junior wrote: »

They owned everything there except the land it sat on. If they can get a new premises they may be ok but it's a sad that a highly profitable business can go pop like that because a US vulture fund said so.

So wait, it was profitable? Then why it went boom? What is that Us fund thing people mentioning?

Hopeful2016

James Bond Junior wrote: »

They owned everything there except the land it sat on. If they can get a new premises they may be ok but it's a sad that a highly profitable business can go pop like that because a US vulture fund said so.

It went pop because they weren't paying their loans. Does nobody read the small print or do they just like to blame the big bad vulture funds anyway because it's a national pass time to always blame someone else and not accept responsibility.

They took a risk with the property loans and it didn't pay off.

James Bond Junior

Hopeful2016 wrote: »

It went pop because they weren't paying their loans. Does nobody read the small print or do they just like to blame the big bad vulture funds anyway because it's a national pass time to always blame someone else and not accept responsibility.

They took a risk with the property loans and it didn't pay off.

They also did their best to engage with the bank and restructure said loans and got nowhere.

galwayredgirl

ForestFire wrote: »

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.

Bought a brand new lemon from JJ Burkes a few years ago. Total Crap!

Dont like dealing with family businesses as it is very hard to know who is in charge.

whippet

James Bond Junior wrote: »

They also did their best to engage with the bank and restructure said loans and got nowhere.

and ultimately didn't pay them off.

goochy

Are they actually gone bankrupt? Never heard of someone actually publicly saying they are closing but will reopen shortly elsewhere ?
Reminds me of a certain dublin Nissan dealer . Was loosing millions even around 2004 , went belly up in late 2009 but then could reopen as his property business was separate business. Still wonder if reason he has trouble renting out his properties is other dealers don't approve of his tactics

what_traffic

http://www.irishtimes.com/business/retail-and-services/galway-car-dealership-to-re-open-after-interim-examiner-appointed-1.2874014

J.pilkington

what_traffic wrote: »

http://www.irishtimes.com/business/retail-and-services/galway-car-dealership-to-re-open-after-interim-examiner-appointed-1.2874014

Really dumb move by the judge. Examinership is supposed to allow a company stay trading to keep it attractive for a new buyer but what car buying customer in their right mind will do business with them with the risk of the company being shut down permanent by a judge the next morning? The sales staff will be sat twiddling their thumbs earning zero commission.

Only good thing is two fingers to the company who bought the loans and called in the receiver. They prob paid no more than 50% of the loan value and are trying to enforce 100%

JoeA3

Noccy_Mondy wrote: »

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

I was in that showroom a couple of times and tbh it's far from massive inside. Fairly antiquated too if I recall. Looks a lot bigger from the road for some reason, maybe cos it's up on a hill with a large forecourt out front.

Coincidentally, the day before this news broke, my sister was onto me to ask where to get her Sh1treon serviced in Galway as Kennys had just quoted her something ridiculous for a routine service.

john murphy1

I would have no pity for them no matter what you buy from a Kenny they would screw you

Supergurrier

I brought my 2007 Volvo S60 into them a couple years back as i had swapped out to a new throttle control unit and cleaned and changed maf etc chasing a problem where car wouldn't start. Was happy with car but it was breaking my heart.

Went in left car with them for the day as i worked 5 minutes walk away in Ballybane.

Went back and was handed an invoice of 97e for use of the diagnostics machine by a guy at reception who had no feedback on what was wrong and he handed me a report from technician saying they were unable to identify the code/problem but if i wanted i could come back next week for a software update and another series of scans for 180e.....

Ended up buying another car and reluctantly selling it to my aunt and her mechanic identified problem straight away, car needed a new fuel pump.

The attitude stank to high heaven to me as i basically worked that day for nothing with pretty much no resolution.

john murphy1

I was in that showroom a couple of times and tbh it's far from massive inside. Fairly antiquated too if I recall. Looks a lot bigger from the road for some reason, maybe cos it's up on a hill with a large forecourt out front.

Coincidentally, the day before this news broke, my sister was onto me to ask where to get her Sh1treon serviced in Galway as Kennys had just quoted her something ridiculous for a routine service_______________________________________________________________________________________________________________________ I know the man that give your sister that quote and I would not let him near my car by any stretch of the imagenation unless you want your pocket to get burned

Gadgetman496

Vulture fund to reach agreement with Kenny.

http://galwaybayfm.ie/vulture-fund-reach-agreement-kenny-galway-repayments/

road_high

Fairly confidence shattering for customers though. Don't think I'd be rushing to spend my cash there...

Tom jordon

Supergurrier wrote: »

I brought my 2007 Volvo S60 into them a couple years back as i had swapped out to a new throttle control unit and cleaned and changed maf etc chasing a problem where car wouldn't start. Was happy with car but it was breaking my heart.

Went in left car with them for the day as i worked 5 minutes walk away in Ballybane.

Went back and was handed an invoice of 97e for use of the diagnostics machine by a guy at reception who had no feedback on what was wrong and he handed me a report from technician saying they were unable to identify the code/problem but if i wanted i could come back next week for a software update and another series of scans for 180e.....

Ended up buying another car and reluctantly selling it to my aunt and her mechanic identified problem straight away, car needed a new fuel pump.

The attitude stank to high heaven to me as i basically worked that day for nothing with pretty much no resolution.

DID YOU GET A KISS WITH THAT INVOICE CAUSE IT LOOKS LIKE THEY FOCKED YOU

James Bond Junior

Tom jordon wrote: »

DID YOU GET A KISS WITH THAT INVOICE CAUSE IT LOOKS LIKE THEY FOCKED YOU

You told him!

Elemonator

J.pilkington wrote: »

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.

Anywhere I can read further into the sale of loan books to vulture funds? Seems a little unfair to me so I want to consider the full picture. Does the same apply to one's house(s)?

lway

Watch "The Great Irish Sell Off" if it's still available on rte player.
http://www.irishtimes.com/culture/tv-radio-web/the-great-irish-sell-off-turning-the-spotlight-on-ireland-s-vulture-capitalists-1.2931597

biko

Tom jordon wrote: »

DID YOU GET A KISS WITH THAT INVOICE CAUSE IT LOOKS LIKE THEY FOCKED YOU