Almost 80 jobs at Drogheda-based Boylan Print, a leading producer of direct mail, brochures and magazines including the RTE Guide, and another company dependent on Boylan Print, were saved on Thursday after a court approved its survival plan under the Examinership.
Lawyer Stephen Walsh, representing joint experts Colin Gaynor of Resolute Advisory and Michael Leydon of Outlook Accountants, presented a strategy to Judge John O'Connor in the Circuit Civil Court to save Boylan Print and a number of other firms dependent on its operations.
Lawyer Ross Gorman, who represents the company, as well as Dermot Cahill, the income adviser, and Arthur Cunningham, representing Typeform Repro, one of the 17-employee companies that could be saved by the review, told Judge O'Connor their clients supported Boylan Print's survival plan.
The award-winning printer, whose clients include Aer Lingus, RTE, Musgraves and The Irish Times, sought urgent protection from creditors last November when it became apparent it could no longer meet its financial obligations.
Boylan Print has cited the impact of COVID-19 and the sharp rise in energy prices caused by Russia's invasion of Ukraine as the main reasons for its financial difficulties.
The family business has liabilities of more than €9 million, including €4.3 million to secured creditor Bank of Ireland and over €5 million to unsecured creditors, including taxes and fees, as well as €504,213 to ESB.
Under the survival plan agreed by Gaynor and Leydon, two family directors, Mary Boylan and Gerard Boylan Sr., will step back from running the company in the future.
The company serves 80 per cent of operators in the Irish magazine market and supplies the entire Irish newspaper industry with glossy weekend magazines. It has recently diversified into board printing for the food industry, working with high-profile clients such as Musgraves, Carroll Meats and The Happy Pear.
Other clients include Independent Newspapers Group, Irish Farmers' Journal, PRL (Penneys/Primark), Harvey Norman, Homestore & More and Carton Brothers (Manor Farm).
Many of the company's 61 staff have been with the company for more than 20 years and their jobs have been saved thanks to the creditors' arrangement scheme.
Judge O'Connor, endorsing the joint experts' proposals, congratulated all involved on the fact that so many jobs had been saved as a result of the survival package.
Sourse: breakingnews.ie
