Former Iceland franchise-holder set to apply for examinership
Almost €20 million of an annual turnover of €24 million stemmed from Aim's Iceland business
13 July 2015 | 0
ACCHL, previously Aim Cash & Carry, is to apply for examinership next Monday, in a bid to protect the group from its creditors.
The group, which owns a large wholesale cash and carry in Dublin’s Robinhood Industrial Estate, previously held the franchise for the Iceland chain in Ireland.
The Irish Times reports Iceland took the franchise back in late 2013 and acquired Aim’s seven Iceland branches. Iceland subsequently announced that its own management team planned to open 50 stores here in Ireland.
ACCHL was founded by Naeem Maniar nearly 20 years ago. The Indian businessman who is based in Ireland wants to appoint Joseph Walsh of Hughes Blake accountants as examiner.
Accounts show that nearly €20 million of Aim’s €24 million turnover came from its Iceland business. Before the company lost its Iceland franchise, it had a short-term debt of €5.6 million; mostly owed to trade creditors. Aim had a relatively low level of long-term bank loans.
Creditors have also secured a number of judgements against the company. The latest of these, according to The Irish Times, was for €16,000 from UK-based toy distributor, PMS International last month. Judgements have also come from South Dublin County Council.
Previously, in November 2010, Maniar announced plans to open 45 more Iceland stores and 15 Home Saver stores. This plan was set to create 2,000 jobs over four years.
However the proposal was scuppered due to a lack of financing and Iceland regained the franchise soon after this expansion fell through.