Interim examiner appointed to Click
AN interim examiner has been appointed to an electronics, mobile phone sales and repair company, which has two stores in County Wexford.
Cantec Office Solutions Ltd, which operates under the brand name click.ie, employs 47 people in 10 stores around the country.
An independent expert considers its business ‘viable’, Ross Gorman, for the company, told the High Court last week.
Click.ie operates two stores in the county, one in Key West, in Wexford town and the other in Esmonde Street, Gorey.
Mr Justice Brian McGovern granted court protection to the company and appointed Joseph Walsh, of Baker Tilly Hughes Blake chartered accountants, as interim examiner.
The judge has returned the matter to February 23.
The judge made the orders on the petition of the company, with registered offices at Kells Road, Navan, County Meath, supported by the independent expert’s report expressing the view the company had a reasonable prospect of survival, provided certain conditions were met.
The firm was established in 2000 and last year underwent a takeover and change in ownership and management, the petition stated.
It operated 30 stores at one stage but that number has been reduced to 10.
In its petition, the Irish Times quoted the company as saying that after the change in ownership, previously undisclosed and contingent liabilities came to light which had to be dealt with by the new management team. It also became clear valuations of some assets, particularly trading stock, did not properly reflect their realisable value.
Since the takeover, management has set about implementing the current business model which included securing supply chains and identifying and closing stores that are not profitable or do not fit the new model, it stated.
Five stores had been closed, leaving 10 remaining, and by last September the company was trading successfully the court heard.
However, the company has various difficulties including with supply chain, stock and certain Revenue liabilities, the petition said.