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Tech mogul Naji hit by Broadworks collapse
14 March 2010
Creditors’ meetings will be held next week for Broadworks Communications and its parent firm, BWC Investments. Broadworks had deals with property developers to lay fibreoptic cabling for internet and television services in new developments. However, it faced stiff competition from other operators and its business was hit by the collapse of the property market.
The most recent accounts for Broadworks show losses of €1.3 million at the end of 2007, when its liabilities exceeded its assets by more than €2million. At the time, it owed €1.6million to BWC Investments.
The shareholders in the firm are listed as Naji, Alley and Paul Kenny, although Alley resigned as a director during 2007.
Naji is the founder and former chief executive of the Horizon technology group, which was sold for €100million,while Alley founded and ran Advanced Environmental Solutions (AES) before selling out of that business.
Broadworks was founded by Steve Keaveney, a former executive at Chorus, and raised about €2 million in initial funding.
In 2005, it was acquired by Alley and other investors for about €1.5 million.
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