independent

Friday 18 April 2014

Xtra-vision goes into receivership

Xtra-vision has gone into receivership

Movie rental chain Xtra-vision has gone into receivership.

Ernst & Young will take over the day-to-day running of the business with a view to selling what it said is 152 stores, the vast majority of which are profitable.

Headquartered in Tallaght, Xtra-vision has a database of more than 400,000 customers and 1,023 staff.

The receivers said customers will not be affected during the sales process and that all gift cards, cash deposits and savings club amounts will be honoured.

Luke Charleton and Colin Farquharson, of Ernst & Young, have been appointed joint receivers of the company.

They said they were aiming to sell the business as a going concern.

"We are advised that the majority of stores are profitable and collectively will be attractive to potential purchasers. We will work closely with management to assess the viability of each of the company's stores," Mr Charleton said.

The receivers said they will be briefing all staff and contacting suppliers to ensure that trading continues as normal.

Mr Charleton went on: "The brand has transitioned itself from being primarily a movie rental company to one of a broad-based provider of movies, games and the full spectrum of home entertainment products.

"We will advertise the business seeking expressions of interest from third parties with a view to securing the early and successful disposal of Xtra-vision, thereby ensuring the continuation of the business."

Press Association

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