Hairdressing company to be cut at roots
THE creditors of upmarket hairdressers Toni & Guy (Kilkenny) will meet at Dublin's Harcourt Hotel this morning to begin moves to wind up the company as part of the wholesale restructure of the chain's Irish operation.
The development comes after the High Court appointed an examiner to Toni & Guy's Irish operations in July.
The company's Irish directors Alan and Caroline Boyce had asked for Toni & Guy (Ireland) to be put into examinership so it could be restructured after racking up debts of €3.85m on foot of alleged mismanagement and fraud by the firm's former financial controller.
Examiner Michael McAteer went on to broker a deal with the chain's co-founder, Toni Mascolo, who agreed to stump up more than €2m in debt and equity to bail out the Irish operation. It was later agreed that preferential creditors would be repaid 100pc of their debts while unsecured creditors would get 10pc, clearing the way for the firm to emerge from examinership debt free.
- Laura Noonan
