Supreme Deliveries, the operator of the sole DPD depot in Galway, has exited examinership employing more people than it did when it entered the process.
In March, Neil Hughes, managing partner at Baker Tilly, was appointed as the examiner of Supreme Deliveries and at that time it employed 47 staff. The company had incurred continuous losses since it commenced trading in 2018. Now employing 61 people, it has become one of the first companies to successfully exit the examinership process during the Covid-19 crisis.
Judge Eoin Garavan of the Western Circuit Court approved a Scheme of Arrangement formulated by Hughes in recent days.
The company, owned by businessman John Daly, went into examinership in mid-March just as parcel deliveries experienced a huge volume of growth due to the Covid-19 restrictions.
"We've done maybe 250 examinerships and I've never seen it before. As soon as they went into examinership they started hiring more people," Hughes told the Sunday Independent. "The turnover went up 20pc/30pc.
"It's 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."
Hughes said that the creditors, who included Revenue and suppliers, did not have an issue with Supreme Deliveries' improved performance during the process.
"The reality is that the creditors, the suppliers, they want to be doing business with a company that is on a strong financial footing," said Hughes. "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."
Sunday Indo Business