BUILDING makeup artist Sonica successfully filed with the Supreme Court to appoint Deloitte’s head of restructuring Ken Fennell as an interim assessor late Wednesday.
His business had 9.4 million euros in debt at the end of its final financial year in April 2021, putting it among smaller businesses to undergo an examination.
Bank debt is small compared with the €4.3 million owed to commercial creditors and €3.6 million to credit accruals.
The company cited knocking on the effects of the Covid lockdown including a disputed bill for work done in Germany for a major client to include it in the Supreme Court process.
“Unfortunately, due to the impact of Covid on our international supply partners, we were unexpectedly faced with a disputed large payment. This matter, which has been the subject of lawsuits in Germany, along with recent large-scale investments in the business and the impacts of Covid have made the company’s cash flow position difficult, the spokesperson said. significantly eroded”.
Depending on the court’s approval, management believes Sonica’s cash position, strong project system and projections will allow it to exit the regulatory ring quickly, the spokesperson said. .
Sonica was founded in 2013 by Donnacha Neary and has a turnover of 60 million euros. It has worked on a large scale, matching high-end buildings for clients including Guinness Storehouse, Sherry Fitzgerald, Intercom, Huawei and GlaxoSmithKline.
The most recent accounts for the year to the end of April 2021 show earnings (Ebitda) of 962,000 euros, down from 2.1 million euros the year before with reduced activity due to the Covid lockdown.
The business is profitable and pays a temporary dividend of €448,000.
https://www.independent.ie/business/irish/interim-examiner-appointed-to-fitout-firm-sonica-41459410.html Temporarily appointed assessor for fitness company Sonica