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THE OWNER OF Blacktie, Niall O’Farrell, has informed staff at its 11 premises that a liquidator will be appointed to the company on Friday 1 February.
The shops are set to continue trading as normal until then, with the company hopeful that a buyer for the group will be secured once a liquidator is in place.
The statement from the company said:
The decision was taken in consultation with the company’s bankers due to a combination of market and economic factors including a decline in the formal wear rental market, increased lower cost retailers from the high street, higher utility and branch operating costs and unaffordable high levels of rates.
The business will continue to trade as usual, working to honour its commitments to customers and employees, with a view to securing a buyer for the business.
Niall O’Farrell added: “I deeply regret having to make this decision,” adding that he had spent the majority of his career “establishing and developing Blacktie, and have done all I could to bolster its prospects.”
He went on to say:
I have not drawn a salary from the business for the past four years, and even invested substantial personal resources. I would like to pay tribute to Blacktie’s employees for their hard work, dedication and loyalty, and will ensure I am available to each and every one of them to answer personally any queries that they may have.
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Some of the most polite, understanding staff I ever met (in 3 separate branches)!! In the 5years I’ve banked with them the only problem I’ve ever had was the glitch last year, for which I was very generously compensated! Even after that I’m still glad I bank with them!! They have to be better the cowboys in aib and boi!!!
There’s one in Malahide, beside the airport and in the pavilions in swords. Could never understand that triangle of branches, so one of those will close. I’ve been with them 35 years with no problems, even during the IT glitch.
I don’t see the need for 140 branches. Their customer base would be 500,000 ish, not all of them active accounts. People either have to embrace online banking or be left in the past. Aren’t cheques going off the market in 2016?
Tis the mooted date, because I believe the English set that as their date. Really don’t think they’ll be phased out in 3 years though. Still a huge volume being processed every day.
Not a Paddybank. Reason enough to bank with them. During glitch went in branch and was asked how much I needed. No questions asked. Sound.
I’m sure that this news will be disappointing for the usual suspects in the comments sections.
They wanted the banks to fail completely and close all branches.
Maybe they will be happy with 20?
Why dont they close all the branches after what happened last year. i’m glad I’m not one of their customers.
Wouldn’t be much use to those of us who are would it?
You dont say
Ulster Bank. lets see, —- Some of the best savings interest rates with instant access (ie no sneaky stuff) some of the best mortgage rates. No account fee’s, (and they were the first to bring it in) branches open half days on Saturday some of them anyways. Llonger opening hours, not bailed out by the Irish tax payer, and your glad your not one of their customers, because of a computer/technical glitch that could of happened to any bank and still can..
.
Wow you must love being punished, who do you bank with IBRC or maybe, AIB who’s fees breach banking rules, and have countlessly scammed customers out of exchange rates and interest . LOL
I moved to Ulster bank just so any profit they make Isin seen in Ireland to pay bond holders..sign on the dole 190e a week and a couple days work gets 390 vs a full 40h week and come out with less than that…screw this countery
Don’t feed the Trolls.
@ lee,exactly the bond holders ate trolls and should not be fed with our money
Why anybody is still with them after that fiasco is beyond me.
Other than the problem they had last year, I never had any other problems with them. As a mature student they have been a lot more helpful with loans and overdrafts than any previous bank I have been with. Also their queues are so much shorter than others (this could be just my branch though!)
I passed their Wexford branch one Saturday morning a while back (long after their IT problem was resolved) and it was open! What’s that about? Customer service, that’s what – if I was closer to a branch I’d be happy to bank with them.
Excellent polite staff
Fast service in branch
Extended opening hours
Free banking
25% cash back on Ticketmaster tickets
Plus they gave me €2k for the inconvenience of the technical glitch.
I’m staying with them.
You are paying £13/€17 for your discounts etc.
My tracker mortgage is the reason I’m still with them
I just bought tickets the other day & got €49 back, I can afford the subscription charge
They were the only one of the banks not to treat me like a pariah when I moved back to Ireland after working abroad for several years. Staff were and are genuinely helpful and respectful. Their problem last year was bad but sometimes you have IT issues and they worked to make amends (I understand that didn’t always work out). That’s my reasoning FWIW.
Amazingly helpful bank to deal with until about 4 years ago – the staff don’t give a damn now… I think they know their time is limited and have lost all interest…
Totally agree with Donna
After loosing my job today because of the shitty economic climate ill have no wages to go into my Ulster Bank Acc, so close away
And how many staff going to lose their jobs? 950 from them this year give or take…appalling. 950 families closer to the breadline.
Much as I would love to bin my bank and mortgage company because they both have racked up their rates and charges while my income has halved I do not have any choice but to stay with the faceless wonders who seemed determined to ruin me the UK and Ireland.
So anything banks do does not surprise me.
25 years of being with UB means nothing, when you are at a low ebb they’ll keep you til you are dry!
All the banks are closing branches and killing small towns and villages across the country and curtailing services.
Some locations older people may not have the ability to travel to a branch in another town due to either having no transport or the local bus and rail service timetable frequency may not make it possible to get to a local branch in time.
banks disregard to customers only way to counteract this is open a credit union account.keep your money in your community to support local businesses
Guarantee they will move out of Ireland by end of 2014
Funnily enuf I’ve heard of 3 people in different parts of the country who are small business customers that have had their accounts cloned! Money being paid out thru transfers in online banking and not reaching the intended accounts! These same people had massive issues with UB when the “glitch” happened…. Suss???
Close Ballyjamesduff.
Have to say iv been with ulster bank for many years now and I can fault them in any way, had one or two problems last year and they refunded me 400euro I hope they don’t pull out of Ireland in the future and leave us with them other robbing bastards
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