The High Court has continued court protection for the Jackie Skelly chain of ten fitness clubs after being told its cash flows are improving and it has received expressions of interest from nine potential investors.
Mr Justice Frank Clarke today confirmed Kieran Wallace as examiner to Map Dance Ltd, trading as Jackie Skelly fitness, which employs 299 people in operating ten clubs, five in Dublin and the rest in Counties Meath, Wicklow and Kildare.
Rossa Fanning, for Mr Wallace, told the judge some 252 additional members had joined since the company secured court protection earlier this month with consequent positive impact on cash flows.
The court previously heard the company had made a small profit up to November last year but there had been a fall-off in membership of 15 per cent after that, plus no significant new memberships in January, the usual busy period for membership of fitness clubs.
The company had a turnover of €19.8 million in 2008 but this dropped to €14.4 million last year. It has a debt of €12 million, mainly to Ulster Bank, and its problems were contributed to by renting premises mainly subject to upward only rent reviews. Negotiations had taken place with some landlords, the court heard.
