16/11/2010

Four Star Pizza Appoints Examiner

Takeaway food chain, Four Star Pizza, has been appointed an examiner in the High Court yesterday.

The popular pizza chain, owned by parent company Zowington, is insolvent and has sought protection at the High Court from its major creditor, National Irish Bank.

Neil Hughes of Hughes Blake has been appointed as interim examiner for the company and will be putting together a new investment and a rescue plan.

According to reports this morning, the company owes National Irish Bank some €4.9 million.

The Revenue Commissioners, food supply firms and a printing company are also amongst its creditors. Justice Frank Clarke was told in the High Court yesterday that Four Star Pizza was currently unable to pay the debts. Latest accounts for Four Star show the holding company made a loss in 2008 of €83,000.

Four Star Pizza is a wholly owned Irish company operating 40 company owned and franchised stores throughout Ireland with a number of outlets in the North.

The company said it would continue to trade as normal and no job losses have been announced. The holding company employs 35 people while its 40 outlets have 400 workers.

It's likely that the insolvency will end the company's plans to open a further 60 stores in Ireland by 2012.

(DW)

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