MORE THAN €1 million was paid for the Hughes & Hughes brand, fixtures and fittings in a number of the chain’s outlets, and the stock in those outlets, the founder of the group Derek Hughes has said.
Sivota Ltd, of which Mr Hughes is a shareholder, bought the outlets from receiver David Carson of Deloitte & Touche. The other shareholders in Sivota are Aidan Masterson and Pierce Malony of the Bus Stop retail outlets. Mr Hughes owns 100 of the 370 issued shares.
Sivota bought the brand name and operates the Hughes & Hughes outlet in the St Stephen’s Green Centre as well as other outlets. Eason has taken over the chain’s former outlets in Dublin and Cork airports.
The latest receiver’s abstract filed by Mr Carson shows Sivota paid €206,315 for stock, net of retention of title claims, and €290,100 for fixtures and fittings and the brand name.
However Mr Hughes, the chain’s founder, said the total consideration paid was more than €1 million. Mr Carson could not be contacted yesterday.
Mr Carson was appointed by Ulster Bank last year. The bank was owed €9 million and the deficit, according to a statement of affairs drafted in April 2010, was almost €15 million.
Mr Carson’s abstract says the company’s wholly-owned assets were worth €700,000 as per the directors’ statement of affairs dated April 2010, while stock was valued at the same figure.
The only realisation credited to Eason in the abstract is €10,000, dated August 2010. The chain’s debts to the Dublin Airport Authority for rent on its outlets was almost €690,000, according to last year’s statement of affairs.
A spokesman for Eason said it bought information technology equipment from the receiver.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)