Fit-out firm bought out of administration

A Northern Irish fit-out firm involved in high-profile jobs, including London’s Claridge’s hotel, has been bought out of administration.

Pure Fitout, based in Newtownabbey, had been under “severe financial strain” and was forced to appoint administrators earlier this month.

The company blamed a set of “substantial unpaid invoices” for its troubles, adding that it entered administration as a “protective measure to stabilise operations and facilitate investment negotiations”.

On Friday (17 January), it announced that it was bought out of administration by the owner of Tetrarch Capital, a real estate investment firm based in Dublin. In a statement, it said the deal with Damien Gaffney had saved more than 100 jobs.

Gaffney’s business also bought Pure Fitout’s sister company, timber specialist HALT NFR.

Pure Fitout will continue its operations under its existing brand, according to a statement.

Gaffney said his immediate aim was to “stabilise 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,” he added.

In its latest accounts, for the year to 31 December 2023, Pure Fitout tabled revenue of £17.6m, down from £23.8m the year before. But it did return to profit, with a pre-tax total of £639,400 in comparison with the earlier year’s loss of £3.6m.

It also posted a gross margin of 19.4 per cent compared with -3.3 per cent previously, which it put down to “improving market conditions”.

At the time, it had cash assets of £306,300, down from £856,000.

Over the course of 2023, it delivered fit-out contracts for all Five Guys restaurants in Ireland, the restoration of Dublin’s Stella Theatre and a fit-out job at the Mayson Hotel in the Irish capital.

Its website also lists the fit-out of a spa at London’s prestigious Claridge’s hotel (pictured), and the full fit-out of the Clarence Hotel in Dublin. It has further worked for clients including doughnut chain Krispy Kreme, footwear firm Russell & Bromley and holiday company Center Parcs.