The car empire of businessman Bill Cullen has gone into receivership.
Ulster Bank has confirmed it has appointed a receiver to Glencullen Holdings.
The company has been struggling in recent years recording a pre-tax loss of almost €10.5 million in 2009 and a further loss of €1.4 million in 2010.
It had showrooms in Airside Motor Park in Swords and Liffey Valley Motor Mall.
Born in the inner city Dublin area of Summerhill Bill is one of 14 children.
He began selling fruit, flowers, newspapers, Christmas decorations, football colours, and programs on the streets from the age of 6.
Bill finished school at 13 to go on the street full-time.
In 1956 Bill got a job as a messenger boy for a pound a week at Waldens Ford Dealer in Dublin.
He was appointed Director-General of the company in 1965 and went on to set up the Fairlane Motor Company which became the biggest Ford dealership in Ireland.
In 1986 he took over the Renault car distribution franchise from Waterford Crystal.
He is a director of the Irish Youth Foundation and in 1998 was a recipient of the Lord Mayor’s Award for his work with the disadvantaged young people of Dublin.
In September 2004 he was the inaugural recipient of the Princess Grace Humanitarian Award.
In 2006 by decree of the President of France Bill was awarded the distinction of Chevalier De La Legion D’Honneur for his outstanding leadership skills in the complete turnaround of Renault Ireland from the edge of bankruptcy.
He has fronted The Apprentice on TV3 since September 2008.
It ran for 4 series each consisting of 16 candidates hoping to be hired by Mr. Cullen.
Newstalk’s Business Editor Ian Guider says Bill Cullen has issued a statement this morning following the announcement.
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