The head of Dublin-based Dynamic Retail Services, which designs and builds high-end retail spaces for big brands including Estee Lauder, Ted Baker, BMW and Nike, said the company is “vehemently defending” a claim a German firm has in the High Court to settle of Irish business requested.
Uni resident deer applied for the High Court last Friday for involving Dynamic Retail Services in a dispute over a debt, it says i owed.
Such requests may be made by individual creditors who owe at least €10,000.
But Gerry Walsh, the Irish company’s chief executive, said that Irish Independent that the law firm is already defending the lawsuit in Germany and will also do so in Ireland.
He declined to comment further on the case or to confirm the amount of the alleged debt.
Hirsch’s application is due to be heard in the High Court on October 24. Applications for liquidation of a supposedly unpaid debt can be made even if a company is solvent.
However, the High Court can reject such requests for company winding-up in a number of circumstances, including where it considers there has been an abuse of process.
Hirsch did not respond to an email inquiry regarding his petition this week. The company offers painting work for commercial customers.
Mr. Walsh is the majority owner of Dynamic Retail Services, which has offices in cities such as New York, Tokyo and London.
It has a number of blue-chip customers that include Verizon, Bose, and Jaguar/Land Rover.
It has also completed corporate office interior branding for groups such as LinkedIn and GE.
The Irish branch’s accounts show that in the depths of the pandemic it posted sales of €16.9 million in 2020, compared to €26.2 million in 2019.
The total turnover of the group is estimated to be between 70 and 80 million euros. It employs more than 200 people around the world, including around 60 in Dublin.
The successful company flies under the radar in Ireland but is a significant player in the global retail market. It has worked with Starbucks for more than a decade. For 25 years, the company has also provided Levi Strauss solutions and monitors, installs and services more than 1,000 Levi’s and Dockers branded stores across North America.
Aside from retail solutions, it also helps big companies to brand their corporate offices.
The latest financial statements for Dynamic Retail Solutions Irish unit show that of their 2020 revenues €8.2m was generated in Ireland and €8.6m outside the country. In 2019, €18.5m of its turnover was generated in Ireland and €7.6m elsewhere.
The company posted a profit after tax of almost €1.5m in 2020 and had net assets of €3.1m at the end of the year, paying a dividend of €420,000 over the period despite the impact of the Covid crisis. The profit was almost twice as high did it in 2019. The accounts also show that the company made a cumulative profit of €3.2 million at the end of 2020.
Mr. Walsh founded Dynamic Retail Services more than 20 years ago, initially in the United States.
https://www.independent.ie/business/irish/irish-firm-dynamic-retail-services-battles-courts-debt-claim-by-german-group-41970113.html The Irish company Dynamic Retail Services is fighting the claim of a German group in court