Chocolate snack firm directors in court battle

The High Court, Dublin. File Picture

The majority shareholder in a Dublin-based producer of mainly chocolate food products, employing 107 people, is to oppose what it claims is a “deeply hostile” petition for examinership, the High Court has heard.

The petition for examinership concerns Ina’s Kitchen Desserts Ltd, based in Whitestown, Tallaght, whose registered business names are Ina’s Kitchen Desserts, Broderick’s, Ina’s Handmade Foods and Broderick’s Handmade.

The petition is brought by Barry Broderick, a director and 10% shareholder, and is supported by his brother Bernard, and parents Ina and Michael Bernard Broderick, also shareholders.

The Broderick family, which established the company some 26 years ago, between them own 25% of the shareholding and Starkane Ltd owns the remainder.

Enterprise Ireland, which has a long-standing relationship with the company since 1998, had introduced the directors to a BDO development capital fund which continues to provide funding. Starkane was incorporated by the fund as a special purchase vehicle to acquire shares and put money into the company and now owns 75% of the shares.

Mr Justice Michael Quinn has fixed the petition for hearing on November 23.

John O’Donnell SC, for Barry Broderick, said Starkane had described the petition as “deeply hostile” when it was rather an attempt to protect the company and its employees.

Counsel said Starkane had just provided his side with a “shadow” independent expert’s report which referred to matters not previously discussed at board meetings.