// The owner of Iceland Ireland franchise has been appointed an examiner by the high court
// An examinership, similar to administration in the UK, is a process allowing a financially troubled company time to seek new investment
The owner behind the Irish franchise of Iceland has been appointed an interim examiner by the Irish High Court as it nears the brink of collapse.
The court heard that Metron Stores Limited (“Iceland Ireland”) is insolvent and unable to pay debts estimated to be £30.8m.
The company said that it had decided to seek the protection of the courts due to financial problems relating to a high cost base, renegotiating store leases and employment issues, RTE reported.
Last week, Iceland Ireland was served notice by the Food Safety Authority of Ireland (FSAI) ordering it to withdraw all imported frozen food of animal origin.
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The recall came after the authority found several breaches of food legislation relating to undeclared frozen food items.
The Irish franchise said it had “fully complied with the terms of the FSAI notice” and identified a new Irish-based supplier of frozen foods.
In February, Iceland sold all its 27 stores in the Republic of Ireland to franchise owner Project Point Technologies as it focused on the growth of its UK business.
The supermarket chain still has ownership of its Northern Ireland stores and is not impacted by the proceedings with Metron Stores.
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