196 jobs saved in examinerships

Examinerships have saved nearly 200 jobs in the first three months of the year, according to a review of the sector which examined the outcome of the process.

The Hughes Blake SME Examinership Index 196 jobs were saved in the first quarter of 2013 as a result of SMEs engaging in the examinership process.

This is a 56% increase on the number of jobs saved by examinership last year when a total of 126 jobs were saved over the same period.

There were nine court-appointed examinerships in Ireland and so far four companies have emerged from the process.

The Sweet Factory, Tougher Oil Distributors Limited, Trade Facilitate Limited and Wexford Viking Glass Limited have all successfully come through the examinership process with the restructured firms now employing 196 people.

A number of high profile retailers remain in examinership, including B&Q, Monsoon and Pamela Scott, while HMV closed when a buyer couldn’t be found.

Managing partner of Hughes Blake, Neil Hughes, said that retailers continue to bear the brunt of the economic downturn and are often seeking help.

“While there are some early signs of economic improvement, for many businesses, day-to-day trade continues to be challenging and this is putting significant pressure on the cash flow and operations of companies all across the country.

“This is becoming particularly apparent in the retail sector which is literally at the coalface in every town and village in Ireland.

“The fact that both Irish and UK based retailers are now seeking to use the examinership process to ensure the survival of their businesses will hopefully lead to valuable jobs being protected,” he said.

It isn’t just the retail sector that are using the examinership to try and save their businesses, but also hotels, and even a newspaper are currently operating under an examiner.

Foleys of Baggot Street, The Corncutters Rest in Donegal, and the Sunday Business Post have all had examiners appointed.

“More and more business owners have become aware that the examinership process can provide a lifeline for companies in difficulty, saving jobs, facilitating firms’ long-term survival and securing payments for creditors.

“This recovery mechanism is not just for large corporations, but is in fact particularly useful for small businesses and family-owned companies,” said Mr Hughes.


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