Westport-based Irish TV to be wound up

Company expresses ‘great sadness’ at news of liquidation, with loss of 30 jobs

Michael Duffy

A Westport-based television company that employed 30 people was wound up yesterday by 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.
Irish TV was run by husband-and-wife team, well-known Westport-based journalist Pierce O’Reilly, co-founder and Chief Executive of the station, and Mairéad Ní MhaoilchiarΡin, the station’s Managing Director. They were majority shareholders of EMHL, but received major financial backing for the project from John Griffin, a man with Achill connections who became a multi-millionaire after selling his taxi firm in London.
However, Mr Griffin resigned from the company in late October, and efforts to secure a new investor in the interim have failed.
Michael McAteer was appointed examiner, and yesterday (Tuesday) a report provided to the High Court by his counsel Kelly Smith, said 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. Jennifer O’Connell, for Revenue, said Revenue would not object to a wind-up order.
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, 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 the main funder (Mr Griffin) withdrew support.
Mr Griffin’s departure followed four years of losses, and the group now has net liabilities of €8.7 million, the report stated. An independent expert’s report found the deficiency between assets and liabilities has been satisfactorily accounted for and is due to the accumulated losses of the past four years.
Teilifís Mhaigh Eo Teoranta, established in May 2011, broadcast a 24-hour channel on Sky, Eir and free-to-air services as well as an online video-on-demand service.