Galvin’s went into examinership in September and was formally wound up by the High Court last Friday after the examiner, KPMG’s Barry O’Donoghue, failed to agree terms with a number of interested parties.
Those included Barry’s of Mallow and Jar Water Ltd, a Cork-based drinks supplier which trades under the Aqua Blue name. It is understood the latter has now withdrawn all interest in the Galvin’s assets.
However, the interested party most linked with a purchase of Galvin’s, drink distribution giant, Barry & Fitzwilliam (B&F), has remained silent on its intentions.
B&F had been looking for a quick conclusion to talks with Mr O’Donoghue and had appointed Deloitte to carry out due diligence on the Galvin’s assets.
At the end of last week, B&F said that as part of a joint venture bid with Tallaght-based business Coman’s Wholesale, it had entered “advanced negotiations”, through Deloitte, with the newly appointed receiver at Galvin’s, aimed at taking control of the Carry Out business.
Carry Out operates 52 shops, most of which are run on a franchise basis. While it had expected, at the weekend, to reach an agreement in the “next few days”, B&F was not commenting on progress, yesterday.