The High Court has formally wound up Ireland’s only vinyl records manufacturer with the loss of more than 20 jobs.
Mr Justice Brian Cregan made orders on Monday winding up Pressing Matters Limited, trading as Dublin Vinyl, and appointed Ken Fennell and Eamonn Richardson of Interpath Advisory, as joint liquidators.
The court heard the company, which petitioned for the winding up orders, was unable to pay its debts as they fall due and has liabilities over assets of €1.3 million.
Last month, when the liquidators were appointed on a provisional basis, the court heard it was hoped that their appointments might allow the firm to complete outstanding orders worth €500,000.
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On Monday Sam Collins, for the liquidators, told the court his clients deemed it was not feasible to carry out that work. All of the firm’s employees have been made redundant, counsel added.
[ Vinyl records back in UK inflation basket after 32-year absenceOpens in new window ]
Counsel added that his clients have received four separate offers for the company’s assets. These are under consideration, he said.
Previously the court heard the company had 22 full-times employees and four full-time contract workers. It was founded in 2016 and had contracts for major record companies and artists, including Taylor Swift.
Represented by Peter Shanley, the firm sustained significant losses in 2022 and 2023 due to factors including the pandemic, Brexit, the war in Ukraine, the loss of a major contract and delivery delays for record-pressing machines it ordered.
The Dublin 4-registered company said an orderly winding up was in the best interests of all parties, including its creditors.
The company had looked at alternatives, including examinership, but thought liquidation was the best option.
Counsel said the company, which has rented units in Dublin, had come under pressure from its creditors, including its energy supplier, which had threatened to cut off its electricity over unpaid bills.
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