Construction: Court protection given to The Pierse Group
CONSTRUCTION firm The Pierse Group has received court protection from its creditors following a collapse in turnover and reduced cash flow.
The High Court appointed an interim examiner to Pierse Contracting and Pierse Building Services. The group said that the cash-flow projections were extremely positive and the company had been in discussions with a joint venture partner.
However, representatives revealed that it was owed more than €30m for work that it had completed.