The High Court has continued court protection for the Jackie Skelly Fitness chain after being told its cash flows are improving and it has received expressions of interest from nine potential investors.
Mr Justice Frank Clarke confirmed Kieran Wallace from KPMG as examiner to Map Dance Ltd, trading as Jackie Skelly Fitness, which employs 299 people. The company operates ten clubs, five in Dublin and the rest in Meath, Wicklow and Kildare.
Rossa Fanning, for Mr Wallace, told the judge that some 252 additional members had joined since the company secured court protection earlier this month with consequent positive impact on cashflows.
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% after that. It also heard that there had been no significant new memberships in January, the usual busy period for membership of fitness clubs.
The company had a turnover of €19.8m in 2008 but this dropped to €14.4m last year. It has debts of €12m, owed mainly to Ulster Bank. It problems were compounded by renting premises which were mainly subject to upward only rent reviews.
Negotiations had taken place with some landlords, the court heard.
In a statement, Jackie Skelly Fitness said it welcomed the appointment of Mr Wallace.
