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Canadian firm takes over McCormick Macnaughton dealership
13 August 2010
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One of the largest auctions of heavy construction machinery this year will take place in the coming weeks as the receiver of three companies in the McCormick Macnaughton Group sells off all the psychical assets of the firms.
The auction will take place on September 4th in Wilsons Auctions on the Naas Road and a host of equipment, such as Caterpillar Skidsteers, Plant Trailers and Power Floats, will go under the hammer.
In June, Tom Kavanagh, a partner with kavanaghfennell, was appointed receiver over three companies in the McCormick Macnaughton Group, one of the country's biggest suppliers of heavy construction machinery.
In an effort to recover its debts, Ulster Bank appointed a receiver over Mac Rental Ltd, a supplier of machinery and equipment, Mac Rental Holdings and Mancasal Ltd, which has a number of investment properties.
Kavanagh has already received several expressions of interest in the business name of Mac Rental and although the company is not currently trading day-to-day, the receiver hopes to sell the business name in the coming weeks.
Kavanagh will also be selling several premises. These, however, will not be included in the auction but will come to the general market in September.
A buyer has also been found for the McCormick Macnaughton Caterpillar dealership.
Canadian firm Finning, the world's largest Caterpillar dealer, has taken over the running of the dealership and has been appointed as the Caterpillar dealer for the Republic. Finning also acquired assets worth almost €3 million from McCormick Macnaughton but the group's rental businesses have stopped trading.
The move comes after Finning agreed a take-over deal with the administrator of McCormick Macnaughton’s Northern Ireland Caterpillar dealership. All 69 jobs at the Irish plant have been saved for now while it is understood that all existing employees in the North will be re-employed by the new owner.
McCormick Macnaughton, which was established over 60 years ago, was severely affected by the collapse in the construction sector in Ireland. It had also developed office and industrial space at Rathcoole just as the property market began to turn, contributing to the current difficulties.
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