Castlelands Reputedly In Banrkuptcy This AM

Byrdamus

New Member
Castlelands Grand

Actually, I've a friend that works there. Heard the rumours so I asked. Said too much hiring was done over last year without management approval. they made more money the year before without all the employee overhead, so they're just going back to the old way. If they aint selling the jet, then you know they're not going going under! :p
 

cork_macer

New Member
The rumours of Castlelands demise appear to be everywhere. It seems they left approx. 150 of their own staff go. This shouldn't have a big impact on their ability to continue in business, given that most work is by sub contractors. Castlerock looks nearly complete although near half of the houses are not occupied yet. In the same week that the rumours abound, Castleland have launched a new development along side Castlerock. Check out http://www.abbeywood.ie/
 

KentBrockman

New Member
According to yesterdays Sunday Business Post Castlelands is laing off 50 staff and agency workers. Their operations director has stated that the company is not in trouble but just taking stock of its operations to the slowdown in the property market. Full article here

http://www.thepost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=24289-qqqx=1.asp

I am renting at the moment in Castlerock. I will be in a position to buy soon. I am faced with a dilema - buy second hand in Castlerock and pay stamp duty or hang on for Abbey Wood and risk the builder going bankrupt before the house is finished. I have already seen the plans for Abbey Wood and am impressed. Decisions decisions....
 

cork_macer

New Member
Tonio - Would have thought there is also the option of still buying in Castlerock and not paying stamp duty. I reckon there are at least 10 houses for sale in the estate and most are advertised as "no stamp duty for owner occupier".
I've looked at the Abbey Wood web site and feel the houses are quiet a bit different to Castlerock (personally don't like a living room on the 1st floor). Have you seen a site layout, that would be interesting. Any idea of price or autual launch date?
 

Byrdamus

New Member
No risk

or hang on for Abbey Wood and risk the builder going bankrupt before the house is finished. I have already seen the plans for Abbey Wood and am impressed. Decisions decisions....
As I've said, I know people on the inside and they say everythings grand. Have you also read yesterdays examiner http://archives.tcm.ie/irishexaminer/2007/06/13/story34973.asp and todays CorkMan? In the Corkman, your one says that John Barry was quoted saying "I would say to the people of Mallow to call into my local branch manager in AIB and they will see that I am not going broke." and also says that Mr. Barry is providing a respite centre in Kennell Hill for the mentally handicapped people (at no charge) in St. Joseph's foundation in Charleville. - "This is not the act of someone who is going broke".

The company is not in any trouble. They are just getting rid of excess baggage as would any company that went a bit overboard in hiring for the construction boom.
 

KentBrockman

New Member
Tonio - Would have thought there is also the option of still buying in Castlerock and not paying stamp duty. I reckon there are at least 10 houses for sale in the estate and most are advertised as "no stamp duty for owner occupier".
I've looked at the Abbey Wood web site and feel the houses are quiet a bit different to Castlerock (personally don't like a living room on the 1st floor). Have you seen a site layout, that would be interesting. Any idea of price or autual launch date?
The launch is imminent according to Sherry Fitz. They are awaiting the brochures and prices to be confirmed apparently. Will post the details when I hear back from them.

Re the state of Castlelands finances I am not that concerned....yet. I would guess that alot more unprofessional builders will go belly up long before Castlelands.
 

soniao

New Member
Actually, I've a friend that works there. Heard the rumours so I asked. Said too much hiring was done over last year without management approval. they made more money the year before without all the employee overhead, so they're just going back to the old way. If they aint selling the jet, then you know they're not going going under! :p
Looks like that jet was sold in a hurry and for a knock down price!!
 
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