Interim examiner appointed
An interim examiner has been appointed by the High Court to a west of Ireland bakery employing 82 people on the basis of an independent accountant’s view that it has a reasonable prospect of survival on conditions including expected investment of €1 million.
Brogan’s Bakery Ltd, Glenamaddy, Co Galway, supplies supermarket giants in Ireland and the UK, including Dunnes Stores, Tesco and Asda, the court heard.
Michael Brogan, a 40 per cent shareholder in the business, petitioned for court protection for the family business, which was set up in 1967. The application came just hours before Mr Brogan had scheduled meetings with other directors and shareholders who, he claimed, were failing to face up to the reality of the company’s troubled financial position.
Mr Justice Peter Kelly was also told Seán Brogan, acting chief executive of Aer Arann and a brother of Michael Brogan, is prepared to invest about €1 million into the business under a suitable scheme of arrangement. Seán Brogan has a 5 per cent shareholding in the company.