All 140 employees at Tougher’s Oil have been given temporary job assurance after an interim examiner was appointed at Tougher’s Oil Distributors Limited in Newhall, Naas today
(Thursday, November 1).
The petition to enter examinership was made by Tommy Tougher on behalf of the Board of Directors.
Justice McGovern appointed Mr Michael McAteer of Grant Thornton as interim examiner to Tougher’s Oil in the Highcourt today pending a full hearing of the examinership application on November, 9, 2012.
A company statement was released to the Leinster Leader which stated that business which consists of petrol stations, bulk oil distribution, restaurants and property divisions will continue to operate as normal during the examinership period.
“All 140 jobs within the company are secure during the examinership period, which if granted is expected to last for a period of up to 100 days,” reads the statement.
“It is anticipated that following the full hearing on November 9, 2012, the Examiner will aim to agree a scheme of arrangement with creditors.”
Mr Tougher, who declined to comment to the Leinster Leader, was listed last may with Geraldine Tougher at number 65 on the Sunday Times Rich List with a reported value of €110 million. Their wealth was listed as coming from oil distribution, a hotel, restaurant and property development.
Mr Tougher rebuilt the well known Red House Hotel after it burnt down in 2005 however it has never opened to the pubic.
In 2008, Kildare County Council ordered Tommy Tougher to cease construction work on the rebuilt Red House after it was discovered what was being built was much larger than what the Council had granted planning permission for. The folowing year the council granted retention for the rebuilt hotel which currently lies unopened.