Well-known optician chain now insolvent

DONAL MacNally Opticians and an associated company, Von Opticians, are insolvent, Judge Jacqueline Linnane was told in the Circuit Civil Court.

She appointed chartered accountant Myles Kirby as an examiner tasked with rescuing the companies.

Barrister Ross Gorman told the court that Donal MacNally Opticians, in business for almost 40 years, had been taken over by a former director, Jed Dowling, for just under €2.7m in March 2016. He had resigned as managing director in November last.

Mr Gorman, who appeared for Donal MacNally Opticians, said Mr Dowling had taken over the companies by paying off the director’s loan account of fellow director Ian Tighe for €2,696,271.

Changes by Mr Dowling in management structure and running the companies had not been a success.

Counsel told Judge Linnane that MacNally Opticians was owned by Tiburon Limited, a non-trading holding company owned by Mr Tighe.

Mr Tighe had returned to the companies since September 2018 and had been working in a full-time unpaid capacity since. All loss-making stores had been closed, trading in existing stores had increased and some 24 staff retained.

Judge Linnane was told an independent expert reported the companies had a reasonable prospect of survival with the introduction of an investor, Anthony Lawless’s Jai-Kudo Ireland Limited.