The High Court has ratified an agreement between the directors of the Blarney Woollen Mills retail and hotel group, which will separate it into two competing entities.
A number of outlets currently trading as Blarney Woollen Mills will be siphoned off to trade under the Kilkenny brand under the agreement reached between members of the Kelleher family who own the group.
The deal, sanctioned yesterday by Mr Justice Diarmuid O'Donovan. Three sons of Blarney's founder, Mr Christy Kelleher, will take some 52 per cent of the group's assets, reflecting their current shareholding, and will retain the Woollen Mills brand. Their sisters, Ms Marian O'Gorman Kelleher), and Ms Bernadette Kelleher Nolan, will control the remainder, trading as Kilkenny.
Yesterday's deal is intended to end a long-running dispute between the family members. The brothers tried to remove Ms O'Gorman's husband, Mr Michael O'Gorman, from the group's board just over two years ago, although the High Court subsequently ruled that formalities for the lawful removal of Mr O'Gorman had not been observed.
Yesterday's deal values the group, which had a turnover last year of about £44 million, at some £30 million. Two Kilkenny outlets in Dublin and Kilkenny will retain their brand in the new arrangement, as well as the Icon outlet at Leopardstown, Co Dublin. Three Blarney outlets in Kerry and Cork will join the Kilkenny group.
The Woollen Mills group will retain the Blarney outlet on Nassau Street, Dublin, and the Club Tricot fashion shop on Grafton Street, Dublin, among other interests.
