THE JOBS of more than 70 workers have been secured after the High Court yesterday approved a survival plan for a group of service stations and convenience stores in counties Kildare and Meath.
Brinkhall (Athy) Ltd and two related firms, Brinkhall (Newbridge) Ltd and Brinkhall (Ashford) Ltd, were placed into examinership last May after the High Court was informed the firms had become insolvent and were unable to pay their debts as they fell due.
Chartered accountant Neil Hughes was appointed examiner to the firms after an independent account said the companies, which operated stores at Athy, Newbridge and Ashford, had a reasonable prospect of survival if certain steps were taken, including putting together an agreed survival plan with the firm’s creditors.
Yesterday Mr Justice John Cooke heard Mr Hughes had put together arrangements that had been accepted by the firm’s creditors. The Revenue Commissioners, also a creditor, did not oppose the examiner’s scheme.
Rossa Fanning, for Mr Hughes, said his client was of the strong view that implementing the plan would enable the companies to survive as a going concern and ensure the jobs of their 71 employees.
Apart from High Court approval, all conditions listed in the independent accounts report had been met, said counsel.
The companies had secured significant new investment from Ard Services Ltd, a subsidiary of Topaz, counsel added. Mr Justice Cooke approved the scheme and made orders allowing the firms to exit examinership and continue to trade as going concerns.