Examinership process saves 492 jobs in first half of 2017

In the first six months of this year some 492 jobs have been saved through the process of examinership.

According to data from accountancy firm Baker Tilly Hughes Blake, the number of jobs saved represents an increase of 66 per cent on the same period in 2016 when 297 jobs were saved.

Neil Hughes, a managing partner at the firm, said uncertainty surrounding Brexit is a key factor in business owners turning to examinership.

"Today's findings show the existential importance of the still underutilised examinership corporate recovery mechanism in assisting fundamentally strong small and large businesses in Ireland through periods of financial difficulty," Mr Hughes said.

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“Businesses in Ireland are facing the challenges of increased competitiveness pressures linked to the sizeable depreciation of sterling against the euro, a recent slip in consumer demand and critically also the activities of venture capital funds who have purchased thousands of business loans in Ireland.”

Mr Hughes also warned of the need for firms in Ireland to adapt to the post-Brexit economic environment: “There is a fear that the current volatility surrounding the future of the UK-EU relationship may lead to exporting firms delaying their long-term investment plans and retrenching from ambitious international growth intentions.”