High Court backs Atlantic rescue plan

The High Court has approved a survival plan for Atlantic Homecare.

Mr Justice Sean Ryan gave his approval to the rescue scheme allowing the DIY chain, which is part of the Grafton Group, to exit examinership and continue to trade as a going concern.

The court heard that, under the scheme, fewer jobs will be lost and fewer stores closed than had been originally feared, and more than €5.7m in fresh investment has been secured.

The court also heard all of the chain’s creditors were in favour of the scheme.

In June, the court appointed Declan McDonald of PWC as interim examiner to Atlantic after he was told most of the chain’s 13 stores were trading at a loss.

Examinership was sought by the directors of the company. While having an accumulated loss of €21m for the last five years, the company had continued to trade with the support of other companies within the Grafton Group.

Now, only two stores — in Limerick and Newbridge, Co Kildare — will be closed, instead of five, and 44 jobs will be lost instead of 114.

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