Examiner appointed to DIY chain Atlantic as investors express interest

The High Court yesterday confirmed the appointment of an examiner to the Atlantic Home Care DIY store chain after a judge was told there had been two expressions of interest in investing in it.

Earlier this month, Mr Justice Brian McGovern appointed Declan McDonald of PwC as interim examiner after he was told most of the chain’s 13 shops were trading at a loss.

The court heard, however, that the company, part of the Grafton Group, had a reasonable prospect of survival if a scheme was put in place which would include the closure of five stores and cutting staff numbers from 348 to 234. The plan also involved renegotiating rents, which were the company’s biggest liability.