A New Chapter for Ireland’s Leading Fit-Out Specialist
Table of Contents
- 1. A New Chapter for Ireland’s Leading Fit-Out Specialist
- 2. From Boom to Governance: The story of Pure Fitout’s Financial Struggles
- 3. Damien Gaffney Acquires pure Fitout and Halt, Securing 100 Jobs
- 4. Pure Fitout’s Revitalization: A New Chapter in Interior Excellence
- 5. what is Damien Gaffney’s vision for the future of Pure Fitout and Halt NFR under his ownership?
In a significant shift for the Irish hospitality industry, a prominent Co Antrim-based company known for its remarkable interior design work has transitioned to new ownership. Pure Fitout, a name synonymous with innovative and stylish fit-outs for hotels, restaurants, and bars across Ireland, saw administrators from Deloitte take charge on January 9, 2025.
Founded in 2015 by Ronan Higham, a visionary entrepreneur from west Belfast, Pure Fitout quickly rose to prominence. Within a few short years, it became one of the fastest-growing companies in its field, earning a reputation for transforming spaces into stunning, functional environments. The company’s rise to fame was cemented through a landmark partnership with the Dublin-based Press Up Hospitality Group,a collaboration that elevated its profile and expanded its portfolio.
The Press Up Group,co-founded by Paddy McKillen Junior,is renowned for its cutting-edge approach to hospitality design.Their projects, frequently enough hailed as some of Ireland’s most innovative, have set new standards in the industry. This partnership allowed Pure Fitout to showcase its craftsmanship on a larger stage, contributing to the creation of iconic venues that blend aesthetics with practicality.
Despite its success, the company faced challenges that led to the appointment of administrators.This transition marks a pivotal moment for Pure Fitout, as it seeks to redefine its future under new leadership. The move has sparked conversations about the evolving landscape of the fit-out industry and the importance of adaptability in a competitive market.
For businesses and professionals in the hospitality sector, Pure Fitout’s journey serves as a reminder of the delicate balance between innovation and sustainability. As the company embarks on this new chapter, its legacy of quality and creativity remains a testament to its impact on Ireland’s design and hospitality scene.
Looking ahead, the industry will be watching closely to see how Pure Fitout reinvents itself under its new ownership. With a strong foundation and a history of excellence, the company is well-positioned to continue shaping the spaces where people gather, dine, and stay across Ireland.
From Boom to Governance: The story of Pure Fitout’s Financial Struggles
Once a rising star in the fit-out industry, Pure Fitout, a Co Antrim-based business, has faced a turbulent journey in recent years. Known for its work with high-profile clients like the Five Guys restaurant chain across Ireland, the company’s fortunes took a dramatic turn in 2023 when it entered administration just nine days into the new year.
Founded by Ronan Higham, Pure Fitout had built a reputation for delivering sleek, functional spaces for a diverse portfolio of clients. However, despite showing signs of recovery with a return to profit in 2023, the company’s financial health was severely impacted by what it described as “ample unpaid invoices from key clients.” This led to what the company called “unsustainable pressures,” resulting in mounting debts and revenue shortfalls.
In a statement, Pure Fitout explained that administrators from Deloitte had been appointed as a “protective measure” to “facilitate investment negotiations.” The move underscored the challenges faced by businesses in the construction and fit-out sectors, where delayed payments can quickly spiral into financial crises.
The road to administration was paved with challenges.In 2022, the company recorded a pre-tax loss of £3.6 million, a staggering figure that highlighted the financial strain it was under. While efforts were made to turn the tide, the weight of unpaid invoices proved too heavy to bear, forcing the company to take drastic measures.
Pure Fitout’s story is a cautionary tale for businesses in the fit-out and construction sectors, where cash flow can be unpredictable and heavily reliant on timely payments from clients. It also raises questions about the broader economic habitat and its impact on small and medium-sized enterprises.
As the company navigates this challenging chapter, its focus remains on securing investment and restructuring its operations. Whether Pure Fitout can emerge from administration and reclaim its former glory remains to be seen. For now, it serves as a reminder of the fragility of even the most promising businesses in the face of financial challenges.
Damien Gaffney Acquires pure Fitout and Halt, Securing 100 Jobs
In a significant progress for the construction and fire safety sectors, Damien Gaffney has successfully acquired Pure Fitout and its Belfast-based sister company, Halt NFR. The deal, finalized on Friday evening, marks a new chapter for both businesses, which had recently entered administration.
Gaffney,a key figure in Dublin’s real estate scene and principal of Tetrarch Capital,described the acquisition as a strategic move. “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,” he said in a statement. He emphasized that the purchase secures the future of around 100 jobs across the two companies.
Pure Fitout, known for its high-profile projects such as The Mayson Hotel in Dublin, has been a major player in the fit-out industry. Simultaneously occurring, Halt NFR, located in the Springbank Industrial Estate, specializes in treating timber with Burnblock, a cutting-edge fire retardant solution.
The acquisition comes at a pivotal time for both companies. Deloitte, the administrators overseeing the process, confirmed the sale after weeks of negotiations. gaffney’s involvement is seen as a vote of confidence in the businesses’ potential, especially given his track record in the real estate sector. Tetrarch Capital, under his leadership, recently sold the Mount Juliet Estate in co Kilkenny, which had been on the market for €45 million.
For employees and stakeholders, the deal brings a sense of relief and optimism. “This strategic move reflects my commitment to preserving jobs and fostering growth in these businesses,” Gaffney added, signaling his intent to build on the companies’ existing strengths.
As Pure Fitout and Halt NFR transition into this new phase,industry watchers are keen to see how Gaffney’s vision will shape their future. With a strong portfolio and innovative solutions, both companies are well-positioned to thrive under their new ownership.
Pure Fitout’s Revitalization: A New Chapter in Interior Excellence
Pure Fitout, a prominent player in the interior fit-out sector across the UK and Ireland, is charting a fresh course under new leadership. With a focus on stability and growth, the company aims to continue delivering exceptional projects while safeguarding its workforce and legacy.
Newly appointed leader Peter Gaffney has outlined his vision for the company. “My immediate aim is to stabilize and revitalise the business by working closely with the management team,” Gaffney stated. Highlighting the firm’s strong financial foundation, he added, “With a well-capitalised balance sheet and a sound, enduring business strategy, I am confident in my ability to oversee Pure Fitout, ensuring it continues to deliver exceptional projects throughout the UK and Ireland.”
The transition follows a period of administration,during which Deloitte played a pivotal role in securing the company’s future. Yvonne Loughran of Deloitte remarked, “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 fit out sector.” She further explained, “The administration process was used to protect the trading businesses and provide space and funding whilst a sale was being negotiated.”
Loughran also expressed gratitude to the employees and stakeholders: “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.”
As Pure Fitout moves forward, Gaffney confirmed that the company will retain its established brand identity. He teased an “exciting portfolio of projects” slated for the coming months,signaling a promising future for the firm. With its renewed focus and leadership,Pure Fitout is poised to maintain its reputation for excellence in the interior fit-out industry.
what is Damien Gaffney’s vision for the future of Pure Fitout and Halt NFR under his ownership?
It truly seems like the text you provided is an excerpt from an article discussing the acquisition of Pure Fitout and it’s sister company, Halt NFR, by Damien Gaffney, a key figure in Dublin’s real estate scene. The article highlights the strategic importance of the deal, the preservation of jobs, and the potential for growth under new ownership. It also mentions Pure Fitout’s notable projects, such as The mayson Hotel in Dublin, and Halt NFR’s specialization in fire retardant solutions for timber.
The article is accompanied by images, including one of Ronan Higham, the original founder of Pure Fitout and Halt, and another of The Mayson Hotel, which was one of Pure Fitout’s notable projects. The text also touches on the role of Deloitte as administrators overseeing the sale and Gaffney’s commitment to fostering growth in the acquired businesses.
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