Wexford building group Cleary Doyle blamed collapsing land values, falling revenues and the failure of some clients to pay it for Nama’s decision to place it in receivership. The group issued a statement yesterday expressing regret at the State agency’s decision.

“Like other construction businesses, we have been severely affected by the unprecedented impairment in land and property values. This has been compounded by unpaid debts as a result of client receiverships and liquidations,” the group said.

“These problems have been further exacerbated by the problems arising from the falling workload in public and private contracting and the stalled property sector.”