HOTELIER MICHAEL Holland plans to buy the Four Star Pizza franchise in Ireland and Britain as part of a rescue plan for the chain, which has been under High Court protection from its creditors since November.
The court heard yesterday that Gonville Ltd, a company Mr Holland controls, has agreed to take over the takeaway chain, which employs 400 people.
Mr Holland owns the Fitzwilliam Hotel on Stephen’s Green in Dublin, and has a number of other investments.
According to a statement, the company was allowed to repudiate leases on a number of its outlets and renegotiate better terms with the landlords. This was a key factor in Gonville’s decision to buy the franchise. High rents were one of the factors for the problems that led its parent company, Zowington, to seek court protection last year.
Gonville will release further details of its proposals when Four Star’s examiner, Neil Hughes of Hughes Blake, puts his rescue plan to the court on Tuesday.
The court will approve this plan unless a creditor or creditors can show it is unfairly prejudicial to their interests.
It is understood that most of the jobs will be saved. Four Star Pizza had revenues of €15 million in 2009. Three outlets of its original 40 closed in the Republic ahead of the examinership.
Mr Holland has also been involved in managing a number of other hotels. He came in to the spotlight in 2003 when chef Conrad Gallagher was tried for the theft of three paintings by Irish artist Felim Egan from the Fitzwilliam Hotel in 1998.
The court cleared Mr Gallagher of the charges. The hotel later donated the paintings to charity after the courts granted it ownership over the paintings following a further legal wrangle.
