Zumo chain hoping High Court will approve survival plan
The High Court will be asked later this month to approve a survival plan for the Zumo Juice and Smoothie bars chain.
Mediterranean Food and Wine Ltd, the company which operates the Zumo Juice and Smoothie bars and is the largest juice smoothie bar chain in Europe, sought the protection of the High Court from its creditors last October because it had become insolvent and was unable to pay its debts.
Chartered accountant Mr Neil Hughes, of firm Hughes Blake, was approved as examiner to the firm which specialises in making fruit drinks and yogurt.
Today at the High Court Mr Justice Patrick McCarthy made orders allowing Mr Hughes to present a report to the High Court asking it to approve a scheme of arrangement which the examiners believes will allow the firm to continue to trade.
The scheme which has been put to Zumo's various class of creditors, who are to be notified of the court hearing.
It is hoped will take place by the end of next week. The parties to be notified include the Revenue Commissioners, Anglo Irish Bank and landlords of premises which the bars operate from.
The judge also extended the period of protection to the company to the date when the application to approve the scheme is heard by the court.
The company, with a registered address at Mary Abbey, Capel Street, Dublin has 60 employees.
