Well-known PR firm is wound up

The Irish Times - Business - - BUSINESS / NEWS -

One of the North’s best-known pub­lic relations com­pa­nies has been wound-up at the High Court in Belfast. The move to liq­ui­date Stake­holder re­lates to a tax bill in ex­cess of £200,000 (€225,716). But ri­val firm MCE Pub­lic Relations Ltd is close to com­plet­ing a deal to buy the busi­ness and pro­tect its five staff mem­bers’ jobs.

A wind­ing-up pe­ti­tion brought by HM Rev­enue and Cus­toms was granted af­ter a pro­posed vol­un­tary ar­range­ment to pay some of the debt was re­jected. It brings an end to a com­mu­ni­ca­tions and event man­age­ment con­sul­tancy which has op­er­ated for two decades.

Headed by Tom Kelly, it hit dif­fi­cul­ties amid at­tempts to re­struc­ture fol­low­ing the re­ces­sion and Mr Kelly’s de­te­ri­o­rat­ing health. In a state­ment he con­firmed a de­ci­sion was taken re­cently to pro­ceed with the sale to MCE.

“Un­for­tu­nately we were ham­pered by hav­ing to deal with some his­tor­i­cal but crit­i­cal is­sues, which only came to light ear­lier this year,” Mr Kelly said. “In an at­tempt to re­solve these mat­ters we ex­plored sev­eral op­tions in­clud­ing a very cred­i­ble CVA (Cred­i­tors Vol­un­tary Ar­range­ment) which was ac­cepted by all par­ties ex­cept one.”

When that pro­posal was re­jected a liq­uida­tor was ap­pointed.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.