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Munster Strategic Investments, owners of the Kilcoran Lodge Hotel, Mocklers Hill, Cashel, Co Tipperary, was granted leave to apply for the appointment of an examiner on Tuesday in the Circuit Civil Court in a bid to save the business and 37 jobs.
Barrister Ross Gorman told Judge Cormac Quinn that while the company in its present administration was unable to pay its debts an independent expert was of the view it could be rescued through the appointment of an examiner.
Mr Gorman, who appeared with Kelly Kennedy Solicitors, said the company had been incorporated in November 2015 by directors Paul Bowes and his daughter Triona Bowes, both of Mocklers Hill, Cashel, but had hit financial difficulties mainly due to the effect of the Covid Pandemic on trading.
In 2018 the company had acquired Kilcoran Lodge Hotel for just under €1.68million funded through several Chinese investors under the immigration investment programme whereby non-Eu nationals invest a minimum of €1million in an Irish business and in return obtain a residency visa in Ireland.
Passport
Investments must remain in the company for a minimum of three years when, subject to certain conditions, it is possible to then obtain an Irish passport.
Mr Gorman said that in 2018 the company management visited China and were able to source three investors seeking to participate in the Immigration scheme and keen to invest in the hotel sector. Enough finance had been raised to purchase the 25 ensuite bedroomed hotel and cover refurbishment to bring it from three star to four star level.
He said the company commenced trading in 2018 and following a slow start due to ongoing enhancement works trade, in 2020, had been unexpectedly impacted by the Covid-19 pandemic, forcing its closure from March to July of that year.
“This had a significant impact on the company’s trade and turnover in 2020 was approximately €495,000,” Mr Gorman said. “Trade in 2021 has also been impacted by the pandemic and to September last turnover was about €414,000.”
He said the company had suffered significant losses since commencing trading in 2018 and one of the Chinese investors was seeking repayment of a loan that the company was unable to meet.
The company would apply for the appointment of Mr Joseph Walsh of JW Accountants, Grand Canal Street Upper, Dublin, who had agreed to act as examiner if appointed.
Expert
Mr Gorman said Mr Aiden Murphy, an independent expert, believed the company and the jobs associated with it could be saved under a scheme of arrangement developed by Mr Walsh if given protection of the court against its creditors.
The hotel stands in 20 acres of landscape gardens less than five minutes from the M8 and near tourist attractions including the Rock of Cashel, the Galtee Mountains, the Golden Vale, Mitchelstown Caves and Cahir Castle.
Judge Quinn said he would allow an application for the appointment of an Examiner to be made on December 17th. In the meantime he directed the creditors be informed and the application be advertised in leading newspapers including the Irish Examiner.