High Court approves Four Star Pizza rescue
Mr Justice Brian McGovern was told a investor, Gonville Ltd, had agreed to invest €500,000 in Four Star’s parent company, Zowington, and its largest creditor, National lrish Bank (NIB), had issued a facility letter to refinance a debt to it of €4.65 million.
Gonville is an investment company for Irish entrepreneur, Michael Holland, who also owns the Fitzwilliam Hotel in Dublin. His company has bought the Irish and British franchise rights of the pizza chain and half of its investment will go directly into the Four Star Pizza Ltd, the court was told. The scheme had the approval of most creditors, including the Revenue Commissioners, the court heard.
