Over 100 jobs have been saved at a major Belfast fitout firm that has been rescued from administration by a takeover deal.
Pure Fitout, which is run by west Belfast man Ronan Higham, and its fire safety business Halt are being bought over by Damien Gaffney, the principal of Dublin-based real estate firm Tetrarch Capital.
Clients of the firm include burrito restaurant chain Boojum, American burger brand Five Guys and hotel business Staycity Group, while Halt’s clients include the London Underground.
The Belfast business said it had gone into administration this month in what it is calling a “protective measure to stabilise operations.”
It encountered financial difficulties after “significant unpaid invoices”, and had begun to look for investment to save the business.
As part of the sale, both the Pure Fitout and Halt brands will continue, as will the senior management of both firms. The company says it has an “exciting portfolio of projects planned for the months ahead”.
Damien Gaffney, new owner of Pure Fitout, said: “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.
“This strategic move reflects my commitment to preserving operations and ensuring continuity for all of its employees.
“My immediate aim is 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.”
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Yvonne Loughran, associate director at professional services firm Deloitte, 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.”
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