Northern Ireland shopfitter, Pure Fitout, has announced the completion of an acquisition with a new investor.
The investment, which includes the purchase of sister company HALT, follows a challenging period where the business faced “significant financial strain” due to unpaid invoices from key clients.
This involved the decision to enter administration as a protective measure, to stabilise operations and clear the way for investment.
A deal has now been agreed with a new investor, securing the future of the business and more than 100 jobs.
“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,” said Damien Gaffney, new owner of Pure Fitout.
“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.”
Pure Fitout will continue operating under its established brand and existing senior management team, with a portfolio of projects planned for the months ahead.
In October last year Pure Fitout announced the promotion of Gary McCloskey from commercial manager to commercial director, supporting former owner Ronan Higham.
Yvonne Loughran of 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 fitout 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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