Firm behind Irish Psychics line ceases trading

It was in the stars... the firm behind Irish Psychics Live, founded by space buff Tom Higgins, has crashed back to earth and gone out of business.

This follows the regulator of the sector, ComReg, confirming yesterday that the firm behind what was Ireland’s most high-profile and controversial premium phoneline service has ceased trading.

A spokesman for ComReg confirmed that Realm Communications Ltd — which operated Irish Psychics Live — has advised that it has ceased trading and no longer operates any premium rate phone services.

Confirmation that the firm no longer operates its premium lines coincides with the Revenue Commissioners publishing a notice in a national newspaper confirming it has petitioned for the High Court to wind up Realm Communications Ltd.

The notice confirmed that creditor to the firm, Collector General, Michael Gladney of Sarsfield House, Francis St, Limerick, presented to the High Court on Jan 15 last the petition for the wind-up of the firm.

The petition is to be heard before the High Court on Feb 3 and Revenue has advised any creditor, who wishes to support or oppose the winding-up order, is invited to attend the court.

The premium phone line business was established by former journalist Tom Higgins in 1998 and built up a large cash pile over the years before Mr Higgins and his wife, Theresa Dunne, cashed out in 2009 sharing a dividend payout of €9m.

The colourful Mr Higgins has previously declared his intention to be the first Irish person in space on board Richard Branson’s Virgin Galactica after paying $200,000 for the privilege.

Callers to the premium phone line were charged €2.40 per minute for instant psychic readings and the rates were the subject of calls to Liveline and an on-air spat on RTÉ between Pat Kenny and Mr Higgins.

The website for Irish Psychics Live — no longer operating — stated it was “operated by genuine Celtic psychics, the most psychic race in the world. Only the most spiritually gifted individuals are selected to participate in this site”.

Mr Higgins sold Realm Communications to Gavin Hickey and Maxine Payne in 2009, and the most recent figures show that after his departure, the firm quickly became loss-making, with a pre-tax loss of €315,225 in 2010 after a post-tax profit of €1.1m in 2009.