Monday 19 February 2018

Belfast retail turnaround expert McGowan (54) owns 18pc of distressed asset and restructuring group Hilco Capital, which has specialised in buying bombed out high street brands, fixing them up and flipping them for big profits.

The Dundalk-based financier has also been active in Ireland with deals for A-Wear and HMV. The hoped-for turnaround of Xtravision didn't materialise and the firm went into liquidation in February.

But Hilco has done well out of Denby, LA Chappell and Clipper Marine. There was a €6.5m pay cheque in 2009 with over €26m in dividends and other earnings filling the coffers.

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