A WELL-KNOWN Dublin restaurant which shut due to trading difficulties has reopened on “cash-on-delivery” terms with suppliers, the High Court has a been told.
Mr Justice Patrick McCarthy heard yesterday that Thrive Restaurants Ltd, owners of Locks Restaurant, Portobello, would have a reasonable prospect of survival under court protection. He appointed chartered accountant Anthony Weldon as examiner to the company. Mr Weldon has five weeks to prepare a full report and a suggested scheme for the future survival of Locks as a going concern.
Mr Justice McCarthy was told by barrister Garret Byrne that Mr Weldon had previously been appointed interim examiner when matters had come to a head a fortnight ago, with a threat by Revenue to hand over the collection of a €136,000 tax debt to the sheriff.
He said the company owed more than €830,000 to the Revenue, its banks and suppliers and required court protection under examinership while a scheme was sought for its survival. Under examinership, creditors may not get the full amount of debts owed.
Mr Byrne said the interim examiner had met some former employees who were re-engaged for the reopening on August 20th, eight days after its closure. In the next four days, Locks had served 200 covers, with sales of €12,872.
Projected trading figures over a full 10-week examinership suggested the company had more than a reasonable prospect of survival.
Mr Byrne said the examiner would be seeking a new investor to join company directors Teresa Carr and Kelvin Rynhart in turning around financial prospects for Locks.
Mr Justice McCarthy was told the Revenue was taking a neutral attitude to the appointment of an examiner, provided returns and taxes were discharged as they fell due.
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