A Co Antrim company responsible for creating the interiors of some of the best known hotels and hospitality venues across the island of Ireland has a new owner.
Administrators from Deloitte were appointed to Mallusk-based Pure Fitout on January 9.
Founded in 2015 by west Belfast man Ronan Higham, the company became one of the fastest-growing fit-out companies on the island.
The firm’s biggest breakthrough came when it linked up with the Dublin-based Press Up Group.
Co-founded by Paddy McKillen Junior, the son of one of west Belfast’s most successful business exports Paddy McKillen, Press-Up quickly assembled a hospitality portfolio that includes the Clarence Hotel, the Dean Hotel, the Devlin Hotel and the Mayson.
Pure Fitout’s expanding client base also includes the Five Guys restaurant chain on the island, with the majority of its work conducted across the border.
The Co Antrim business hit a rocky period in recent years, recording a pre-tax loss of £3.6 million in 2022.
Although accounts filed by Pure Fitout Associated Limited show it returned to profit in 2023, the company entered administration just nine days into the new year.
In a statement, the company confirmed administrators from Deloitte had been appointed as a “protective measure” due to “substantial unpaid invoices from key clients”.
Pure Fitout said the financial strain from the outstanding payments had “created unsustainable pressures, resulting in mounting debts and revenue shortfalls”.
It added that the decision to enter administration would “facilitate investment negotiations”.
Just days after its administrators became formally involved, Deloitte confirmed the sale of the business to property figure Damien Gaffney on Friday evening.
Mr Gaffney is a principal of Dublin-based real estate investor Tetrarch Capital.
Tetrarch recently sold the Mount Juliet Estate in Co Kilkenny, several months after placing it on the market with a €45 million asking price.
Mr Gaffney said the Pure Fitout deal, which will also see him acquire its Belfast sister company Halt NFR, followed several weeks of intensive discussions.
Based in the Springbank Industrial Estate in the west of the city, the Halt factory injects a fire retardant treatment called Burnblock into timber.
The new owner said the completion of the sale had secured the future of the business and the future of around 100 jobs.
“After an intense few weeks, I am delighted to announce that I have acquired the business and assets of Pure Fitout and Halt, which had recently entered administration,” said Mr Gaffney in a statement.
“This strategic move reflects my commitment to preserving operations and ensuring continuity for all of its employees.
“My immediate aim is to stabilize and revitalise the business by working closely with the management team.
“With a well-capitalised balance sheet and a sound, sustainable business strategy, I am confident in my ability to oversee Pure Fitout, ensuring it continues to deliver exceptional projects throughout the UK and Ireland.”
In a brief statement, Deloitte’s Yvonne Loughran said: “We are pleased to have been able to deliver a successful outcome that safeguards all jobs and preserves a well-respected brand in the interior fit out sector.
“The administration process was used to protect the trading businesses and provide space and funding whilst a sale was being negotiated.
“We are grateful to the employees and wider stakeholders for their patience during this uncertain time and wish Pure Fitout and HALT every success for the future.”
Mr Gaffney confirmed that Pure Fitout will continue operating under its established brand, adding that “an exciting portfolio of projects” are planned for the months ahead.
