Entire Workforce Saved As Supreme Deliveries Exits Examinership

Entire Workforce Saved As Supreme Deliveries Exits Examinership

By |2020-06-16T17:56:26+01:00June 16th, 2020|Examinership News|

Supreme Deliveries, the operator of the sole DPD depot in Galway, has successfully exited examinership, employing 14 more people than it did when it entered the process.

Managing Partner Neil Hughes was appointed as the examiner to Supreme Deliveries in March, as the coronavirus crisis was rapidly evolving. At the time, the company employed 47 staff; now 61 people make up its workforce.

Due to a huge surge in parcel volumes as a result of Covid19 restrictions during this period, additional workers were hired to help meet increased demand.

Supreme Deliveries – which had incurred continuous losses since it commenced trading in 2018 – is one of the first Companies to successfully emerge from the examinership process during the crisis.

Judge Eoin Garavan of the Western Circuit Court approved a Scheme of Arrangement prepared by Hughes, in recent days.

Commenting on the examinership, Hughes told The Sunday Independent: “In the 250 examinerships we have done, I’ve never seen it before. As soon as they went into examinership, they started hiring more people.

“It is quite inspiring as there is a crackle of energy in the business because it is back, solvent, out of examinership. And everybody is in good form.

“The reality is that the creditors, the suppliers, they want to be doing business with a company that is on a strong financial footing. When I was appointed, the business couldn’t keep going as it was.

“It needed a scheme to clear the decks and that’s what it has done.”

Original article appears in The Sunday Independent

Also Read: SPOTLIGHT ON EXAMINERSHIP – ‘Success Stories, Challenges Met And Overcome’

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Accounting, audit, tax and consulting – the life of your business. Hughes Blake is the Republic of Ireland representative of Integra International, a global association of independent accounting firms.