Profitable McArdle put into administration
Civil engineering contractor J McArdle Contracts Ltd, along with its sister companies and parent company have been put into administration.
The contractor’s last accounts showed it be at least averagely profitable.
Christopher Pillar and Stuart Maddison of Pricewaterhouse Coopers have been appointed administrators of parent company Mercier Holdings Ltd, and also McArdle Waste Services Ltd, McArdle Plant Hire Ltd and McKenna Plant Hire (Oxford) Ltd.
The latest available accounts for J McArdle Contracts Ltd show that in 2011 it had sales growth of 72%, gross profit of £6.53m (10.5% margin) and pre-tax profits of £2.47m. Its 2010 turnover of £36.1m rose to £62.1m in 2011. Retained profit, after-tax, was £1.95m in 2011 and £1.0m in 2010.
The accounts also show that in 2011 it had 153 employees – 115 inn construction and 38 in management and administration.
As recently as 2008 turnover was just £14.2m.
Among McArdle's live contracts are the M25 managed motorway scheme between junctions 5 and 7, a section currently awash with cones and excavators.
McArdle was acquired in 2008 by Cork-based Mercier Private Equity, which was founded and owned by Martin Dooney. Mr Dooney acted as executive chairman of McArdle. Much of his previous banking career was with Barclays.
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This article was published on 25/04/2013 (last updated on 25/04/2013).