The Westport-based television company Irish TV is to be wound up with a loss of 30 jobs, following an order by the High Court.
Eochair Media Holdings Limited (EMHL) and Teilifís Maigh Eo Teoranta, trading as Irish TV, was placed in liquidation after efforts to secure needed investment failed.
The company was run by husband and wife team, Pierce O’Reilly and Mairéad Ní Mhaoilchiaráin. They were majority shareholders, but received major financial backing for the project from John Griffin. However, Mr Griffin resigned from the company in late October, and efforts to secure a new investor in the interim have failed.
A report provided to the High Court on 20th December is said to have stated that several efforts to obtain investment funding had failed. In these circumstances, and despite the implementation of cost-cutting measures, it was determined that the company had no reasonable prospect of survival as a going concern.
In a statement released on behalf of Irish TV, the station expressed its regret at the liquidation: “It is with great sadness and regret that Irish TV announces that the television channel has been placed into Liquidation. The High Court discharged Michael McAteer of Grant Thornton as Interim Examiner and appointed him as Liquidator.
“On November 10, 2016, Irish TV had made a successful application to the High Court for the company to be placed into Interim Examinership.
“The company had sought the protection of the High Court in order to undertake restructuring and raise new investment at Ireland’s only international TV network.
“However, efforts to secure the required investment have failed and following a hearing on Tuesday 20th December, the High Court placed Eochair Media Holdings Limited and Teilifís Maigh Eo Teoranta, trading as Irish TV, into liquidation.
“Irish TV would like to sincerely thank all the staff and contractors for their loyal service and dedication over the last number of years. Irish TV would also like to thank the many viewers and advertisers who supported the channel over the years.”
When seeking court protection, Irish TV said it was left with an immediate operational cashflow shortfall after Mr Griffin withdrew his support in October.
Irish TV had been established in May 2011, and broadcast a 24-hour channel on Sky, Eir and free-to-air services as well as an online video-on-demand service.