Court to approve plan for pharmacies group

• Published date: 19 December 2020
• Date: 19 December 2020
• Publication title: Irish Times (Dublin, Ireland)

Mr Justice Denis McDonald indicated yesterday that the court would approve an examiner's scheme of arrangement for the group whose controlling shareholders are former RTÉ Dragons' Den presenter Ramona Nicholas and her husband Canice Nicholas.

However, he said he first wanted a supplemental report to the one already provided by examiner Ken Tyrell outlining proposals for restructuring and a €14.1 million new investment in the group which has 13 stores mainly in the northeast.

The judge did so after he was furnished with a confidential agreement between the couple's directors, including concerning their employment, and the main creditor Elm Corporate Credit which is owed €14 million.

Related companies

Mr and Mrs Nicholas had initially opposed the appointment of the examiner but now supported it, the court heard. The group, involving a dozen related companies, suffered pretax losses of some €4.6 million between 2016 and 2019.

The judge expressed concern, after reading the Nicholas's agreement with Elm Corporate, that the court had not been provided with the full picture in the examiner's main report. There was a duty on the examiner to do so and on the...