Interim examiner for Best Menswear company

An interim examiner has been appointed by the High Court to Best, the company operating 13 Best Menswear stores across Ireland and two other fashion stores employing 130 people.

The sudden closure of Clerys department store in Dublin last month had a “catastrophic” effect on the cashflow of Best as it was a concession holder operating its largest store from the Clerys premises, the court heard yesterday.

The damage occurred as a result of the loss of €270,000 held by Clerys in trust for Best arising from prior sales and the loss of trading revenues since Clerys closed, Rossa Fanning, for the company, outlined.

Best, established in 1948 and with registered offices at Finglas, Dublin, suffered over recent years due to the economic downturn and is currently unable to service its bank debt but an independent expert, accountant Michael McAteer of Grant Thornton, believes it has a reasonable prospect of survival once certain conditions are met, counsel said.

Ms Justice Caroline Costello said she was satisfied to grant court protection to the company and to appoint Declan McDonald of Price WaterhouseCooper as interim examiner pending the hearing of the petition for examinership on July 30.

The firm’s main creditor is AIB, owed €12.6m, while trade creditors are owed almost €12m, the court heard.