High Court dismisses application to appoint examiner to Ina’s Kitchen
By Maurice Garvey
THE High Court dismissed an application to appoint an examiner to the Ina’s Kitchen Desserts business.
The application was made by Barry Broderick, a director and shareholder in the Whitestown, Tallaght-based producer of mainly chocolate food products.
Ina’s Kitchen Desserts business
It employs 107 people and operates under the registered business names of Ina’s Kitchen Desserts, Broderick’s, Ina’s Handmade Foods and Broderick’s Handmade.
Mr Broderick was supported in his application by other family shareholders, his brother Bernard and parents Michael and Ina in whose kitchen the business was started 26 years ago.
The Broderick family between them own 25 percent of the shareholding while a special purpose vehicle company called Starkane Ltd, funded by the BDO Development Capital Fund, owns 75 per cent.
A statement on behalf of Ina’s Kitchen Desserts said the company was “happy” with the court’s decision. “We are excited by the company’s potential to continue to grow through excellence in quality, innovation and service in all aspects of the business,” it said.
The Directors of Starkane and BDO Development Capital said: “We remain focused on supporting the management and staff of the company to continue its successful growth strategy, which sees it set for record revenues this year despite the global pandemic.
“Sales at Ina’s Kitchen Desserts t/a Broderick’s have grown by over 60 per cent since partnering with the BDO Development Capital Fund in 2017. Further significant growth is projected.”
Despite investment and additional loans, Ina’s Kitchens has had financial problems for a number of years and the Brodericks believed it needed the court protection of examinership because it was insolvent with an accumulated debt of €9 million.
Following a hearing last week, Mr Justice Michael Quinn said he was going to dismiss the application and give his reasons in a reserved judgment next week.
Lawyers for Mr Broderick, Starkane and the Revenue said they would await the written judgment.
In a statement after the case, the Broderick family said they will “await the written judgment before deciding on the appropriate next steps.”
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TAGS Tallaght
