Building firm winding up after over 50 years
WELL-KNOWN Wexford building firm Richard Browne and Sons Limited of Mary Street has applied to the Companies Registration Office to go into voluntary liquidation after almost 50 years in business.
A decision to wind up the solvent company was taken by the directors Richie and Angela Browne on September 16 and two days later David Power of Fitzgerald Power Chartered Accountants of Greyfriars, Waterford was appointed as the liquidator.
A spokesman said the company had taken a decision to tidy up its affairs but it is the intention of the directors to continue in the construction business in Wexford.
A voluntary winding up is different from a creditors’ liquidation in that it is not associated with financial difficulties and can be put in place where it is decided to close a company or to continue the business in a different format.
Richard Browne and Sons Limited has been in business for 49 years having been founded by Richie and Angela Browne’s grandfather Richard in March 1967 and then continued on by their father Jimmy.
The company constructed many prominent buildings and housing estates in Wexford including the Presentation secondary school, John’s road primary school, the Bank of Ireland on Custom House Quay, Ferndale Park and Westlands, Channing House in Rowe Street, Kerlogue Nursing Home and also carried out major refurbishments to the twin churches of Rowe Street and Bride Street, the CBS secondary school, the Franciscan Friary and the former Theatre Royal as well as the Cathedral in Enniscorthy.
The current trading status of the company is normal. The directors are listed as Richie and Angela Browne and the company has two shareholders.
A Members’ Voluntary Winding Up and Declaration of Solvency has been effective since Septmber 8 while the Notice of Appointment of a Liquidator was made on September 16.
In the Declaration of Solvency, signed by the directors, the total assets of the company are listed as €4,329,987 with the total liabilities put at €20,395.
Richie and Angela Browne both declared that having made a full inquiry into the affairs of the company, they had formed the opinion that the company will be able to pay or discharge its debts and other liabilities in full within three months after the commencement of the winding up.
Bernard Doyle of B. J. Doyle and Company, Charterered Accounts of Selskar Street, Wexford, the statutory auditors for the building firm declared that the statement of the directors was reasonable.
David Power of Fitzgerald Power gave notice to the Registrar of Companies that he was appointed liquidator to Richard Browne and Sons Limited by a resolution of the company.