Forty-eight jobs have been lost as Dundrum House Golf and Leisure Resort in Co Tipperary has ceased trading with immediate effect. Brogan Capital Ventures, which owns and operates the resort informed staff on Monday evening that the company will cease trading with immediate effect. The move follows an assessment by the new board of the company which found that the business is loss-making and is currently unable to pay its debts. An Ipas centre, which is operated independently by a third party on the Dundrum House campus, is unaffected by the decision. Brogan Capital Ventures will commence a 30-day collective redundancy consultation process with staff later this week. During the consultation period, the company said it will engage with employees and their selected representatives. In a statement Brogan Capital Ventures said the company “very much regrets the adverse impact of this decision” to its valued employees, golf and leisure centre members, customers, suppliers, the local community and other stakeholders. The statement added: ”However, it is unavoidable given the state of the company's financial affairs” In reaction to the closure and job losses Fine Gael councillor Declan Burgess said that he is “deeply saddened” that Dundrum House will cease trading. Cllr Burgess continued: “This is a huge blow locally and my thoughts are with the staff, their families, and all those who use and enjoy the golf, hospitality and leisure facilities. “It represents a significant loss for the community. Clear and transparent communication by the liquidators is essential, especially for staff, and real engagement with everyone affected must be a priority.”