Crisis talks are being held between Cork-based builder John F Supple and its creditors, aimed at saving the firm.

With a reported €39m worth of contracts in its midst, the firm is said to have offered 70 cents on the euro to its 200 creditors.

Speaking to the Irish Examiner, a company spokesperson said: "Like many other construction companies, John F Supple is in discussions with its suppliers against a backdrop of serious difficulties in the sector."

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John F Supple owns the luxurious 17th century Capella Castlemartyr, a grand country manor house adjacent to the ruins of a 1,000-year-old-castle.

The five star hotel is worth an estimated €80m.

The 220-acre site, located at the former Carmelite College, boasts an Auriga Spa, a Ron Kirby designed links-style golf course and a fitness centre.

The firm has also been awarded the contract for a €16m refurbishment scheme at Killarney's Great Southern Hotel, and recently completed the construction of a €11m student centre in CIT.

The construction group employs around 100 people.

(PR/JM)