LONG-ESTABLISHED Irish car dealer Frank Keane Holdings is set to buy Blackrock-based Maxwell Motors out of receivership, in a deal that will secure up to 20 jobs.
It is understood that Frank Keane has agreed a deal with the company’s receiver – Michael McAteer of Grant Thornton – who was appointed last month by Ulster Bank and Lombard Finance to sell the business as a going concern.
This will involve a payment of more than €3 million for Maxwell Motors and two properties in Blackrock owned by the company.
Ulster Bank and Lombard hold charges over the properties.
Maxwell Motors was founded in 1938 and run by members of the Day family. It ran into financial difficulties after the economic crash.
The company held a BMW franchise for 19 years until July 2008.
Frank Keane, which has had a relationship with BMW since 1967, is expected to restore the premium German marque to the Maxwell premises.
Frank Keane is a dealer for BMW here. It also acts as a distributor for Mitsubishi and has other business interests.
