Celtic Pure, the Monaghan based water company that has built a strong portfolio of sporting partnerships, has had an interim examiner appointed by the High Court.
The indications are that restructuring will enable it to survive and thrive but a recent scare that led to a recall and weak sales figures in August are repoorted to have caused cash flow problems that prompted it to seek the protection of the courts.
Celtic Pure is the official hydration partner of the FAI. It is also a second tier partner of Monaghan GAA. In 2018 it was an official partner of the KBC Dublin Marathon but was replaced for this year by Athletics Ireland’s overarching partnership with Ishka.
In March 2018 we reported on its commitment to a €1.3 million three year marketing and promotional campaign to be managed by Legacy Communications, the company established by Bernard and James Brogan which has become a major player in the area.
Celtic Pure Managing Director Padraig McAneaney is pictured above with Brogan at the time of that announcement.
There is no suggestion in the reports that any payments due to the FAI or Monaghan GAA will be affected but the cash flow issues have made the company technically insolvent and some restructuring with all creditors has to be considered.
The good news is that an independent expert reported to the court that the company had an excellent chance of survival once an examiner was appointed.
Image credit: Morgan Treacy, Inpho.ie
