Tralee thread

Those people working in the restaurant at Ballyseedy, and now employed by Smaash Burger, will be using every restaurant item on site until the big day when liquidation kicks off. In the meantime they'll still need supplies (good luck getting any) if the restaurant business doesn't dry up through lack of customers. Some customers will be sticking up for the suppliers and how they've been treated and will boycott the place.

It's either going to be a voluntary winding up triggered by Ballyseedy Restaurant Ltd, or an involuntary winding up initiated by the creditors. Not knowing what the balance sheet looks like it's impossible to guess what any of the creditors will get.

I hope all the employees are searching hard for new jobs so they can get away from the mess that they weren't responsible for.

Of course we don't know which companies own what, so it's anyone's guess as to what assets are on the B.R. Ltd' balance sheet, or on the balance sheets of any of the other related companies. It's a pity that the information isn't freely available like it is with companies in the UK. 😛

If the Examiner article is true about suppliers being owed thousands there must have been extended credit taken, and the suppliers had to tolerate the situation thinking that they'd get paid eventually. This time "eventually" isn't on the cards.

Number of suppliers impacted by inability of drug-accused's Kerry firm to pay bills (irishexaminer.com)

The bit in the article mentions the hundreds of people leaving messages of support on social media, but I think they're the messages that don't get deleted. I mentioned one earlier on where someone posted "You don't pay your bills" and that was deleted almost immediately.

So if the restaurant closes and the staff lose their jobs, won't that mean lots of trained people looking fir work? This should be good news for Tralee, lots of hiring going on with the big start of Tourist season soon.

They probably built up credibility and got extended terms and it's probably the more local suppliers that gave better terms.

I would absolutely be rushing to use vouchers asap if I had them as I suspect they won't survive.

Yep, easy on Facebook to both delete a comment and ban that person from the page.

Frankly it all stinks and the behaviour of ballyseedy in the aftermath shows they don't deserve any support as they've stuck two fingers up to many local suppliers.

Job losses are seldom if ever good news! It is not all restaurant jobs there, plus seasonal tourist work is no replacement for full time work.

@JVince Is it not already too late for vouchers if they are from the now non operating company?

Ah yes I was thinking of vouchers for the restaurant as opposed to the actual garden centre bit. I wouldn't think of buying vouchers in that bit but have with the cafe vouchers.

For the cafe or garden centre?

I'm not sure actually. The cafe I think.

Someone told me a while ago that the CAB can only get involved if the Guards ask them to, and they just can't waltz in without the official request. Whether or not that's true it would be good to verify it one way or another.

Criminal Assets Bureau (CAB) is a multi-agency statutory body established under the Criminal Assets Bureau Act, 1996. The Bureau has staff drawn from An Garda Síochána, the Office of the Revenue Commissioners (including Customs), the Department of Social Protection and the Justice Department.

It can come from any of those departments, by profilers for any source of unexplainable assets. It's needs the high court to seize, but dosnt need permission too "profile" anyone.

I don't suppose they're all "Hanged Man" Tarot cards. 😛

As well as being registered in Ireland that company is registered in NI and the correspondence address for the "people" seems to be Ashbourne Hall, Ashbourne Business Park, Dock Road, Limerick.

The directors of the Irish company are probably the same as the UK one. ACE HOME CENTRE LIMITED people - Find and update company information - GOV.UK (company-information.service.gov.uk)

Google says that ACE Homecentre is in Henry Street, and I'm assuming that that's the address of the registered office. It could be the same as Grant Thornton's office.

They seem to be involved in landscaping and other stuff. 😛

Why would anyone choose to loan €2m to a loss making business?

We can't see the accounts, but what was taking out of the companies to make a loss after a 300k profit the year before, could be debt, could be taking out profitable parts against non profitable parts, could be people taking money out for their personal use,companies structures now are very convoluted.

A loss making company is better to pump dirty cash threw than a profible one as it is less suspicious..

For my benefit I'm not saying that is the case with this company 😁, but we do know that 10s of millions of dirty cash were/are washed threw businesses in Kerry at a lower estimate.

Things must have been desperate for a long time, and somehow managing to get a loan from a company that isn't a finance house smacks of the banks not being interested. Some people will make all the promises in the world and sign anything to get their hands on funds to save a business and will refuse to believe it's just going to stave off the inevitable.

I can see the whole family losing everything as a result of any personal guarantees they've given.