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INTERESTING TO see long-established engineering business KC Civil Engineering Ltd (KCCE) on the wrong end of a judgment for €66,000 from suppliers Stakelums Hardware Ltd, although this is not the first such hit in recent times. KCCE owner Chris Wholey is well known to someone else familiar with setbacks – one Neil Francis, rugby-player-turned-journalist-turned businessman.
Franno was earning a tasty wedge from his various media outings until his latest calamity on the front page of the Sunday Times, which resulted in him being dropped by the paper.
It will be recalled (see The Phoenix 30/7/21) that the mouthy former lock had expanded his range and, in November 2019, set up a property development company called Alchemist Developments Ltd in a 50:50 joint venture with Co Kildare developer Wholey, whose stake is held by KCCE.
Alchemist owns a site at Chapel Court in Skibbereen, Co Cork, and teamed up with architect and engineer Gerard McCarthy, whose new company, Lizma Ltd, registered a charge against Alchemist.
Franno also has 50% of KC Property Developments Ltd, which had work in progress of over €1m at the end of 2021, and is also a director of a property development outfit with an interest in Kinsale, KC Homes & Developments Ltd, although all the shares in that entity are held by Wholey.
At Wholey’s prime interest, KCCE, there was a setback at the end of last year when Sabre Electrical Services registered a judgment against it for €22,000. Before that, KCCE was hit for a paltry €4,000 by BWG Foods.
There have also been some winding-up petitions lodged in the High Court, the most recent in May 2019 by Laois Hire Services Ltd. This was withdrawn, however, as were previous petitions from Traffic Solutions Ltd (2014) and Arkil Ltd (2010).
In 2009, Chris Barry Plant Hire Ltd registered a judgment mortgage for €143,000 against KCCE, although this was satisfied in 2017.
What is surprising about the (mostly minor) financial hiccups is that Chris Wholey’s company (incorporated in 2004) has a pretty impressive track record. According to its latest (very out of date) accounts, it recorded turnover of more than €20m in 2018 and was sitting on accumulated profits of €1.2m, with work in progress valued at €2.2m at the time.
