{"id":821796,"date":"2025-01-22T05:11:36","date_gmt":"2025-01-22T11:11:36","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/22\/fit-out-firm-bought-out-of-administration\/"},"modified":"2025-01-22T05:11:36","modified_gmt":"2025-01-22T11:11:36","slug":"fit-out-firm-bought-out-of-administration","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/22\/fit-out-firm-bought-out-of-administration\/","title":{"rendered":"Fit-out firm bought out of administration"},"content":{"rendered":"
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\"Claridges_CCC.jpg\"<\/p>\n

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A Northern Irish fit-out firm involved in high-profile jobs, including London\u2019s Claridge\u2019s hotel, has been bought out of administration.<\/span><\/p>\n

Pure Fitout, based in Newtownabbey, had been under \u201csevere financial strain\u201d and was forced to appoint administrators earlier this month.<\/span><\/p>\n

The company blamed a set of \u201csubstantial unpaid invoices\u201d for its troubles, adding that it entered administration as a \u201cprotective measure to stabilise operations and facilitate investment negotiations\u201d.<\/span><\/p>\n

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.<\/span><\/p>\n

Gaffney\u2019s business also bought Pure Fitout\u2019s sister company, timber specialist HALT NFR.<\/span><\/p>\n

Pure Fitout will continue its operations under its existing brand, according to a statement.<\/span><\/p>\n

Gaffney said his immediate aim was to \u201cstabilise and revitalise the business by working closely with the management team\u201d.<\/span><\/p>\n

\u201cWith 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,\u201d he added.<\/span><\/p>\n

In its latest accounts, for the year to 31 December 2023, Pure Fitout tabled revenue of \u00a317.6m, down from \u00a323.8m the year before. But it did return to profit, with a pre-tax total of \u00a3639,400 in comparison with the earlier year\u2019s loss of \u00a33.6m.<\/span><\/p>\n

It also posted a gross margin of 19.4 per cent compared with -3.3 per cent previously, which it put down to \u201cimproving market conditions\u201d.<\/span><\/p>\n

At the time, it had cash assets of \u00a3306,300, down from \u00a3856,000.<\/span><\/p>\n

Over the course of 2023, it delivered fit-out contracts for all Five Guys restaurants in Ireland, the restoration of Dublin\u2019s Stella Theatre and a fit-out job at the Mayson Hotel in the Irish capital.<\/span><\/p>\n

Its website also lists the fit-out of a spa at London\u2019s prestigious Claridge\u2019s 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.<\/span><\/p>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Joshua Stein<\/p>\n","protected":false},"excerpt":{"rendered":"

A Northern Irish fit-out firm involved in high-profile jobs, including London\u2019s Claridge\u2019s hotel, has been bought out of administration. Pure Fitout, based in Newtownabbey, had been under \u201csevere financial strain\u201d and was forced to appoint administrators earlier this month. The company blamed a set of \u201csubstantial unpaid invoices\u201d for its troubles, adding that it entered<\/p>\n","protected":false},"author":1,"featured_media":821797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25433,105512],"tags":[],"class_list":{"0":"post-821796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bought","8":"category-fit-out"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/821796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=821796"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/821796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/821797"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=821796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=821796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=821796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}