The owners of Fulfil Nutrition is reportedly close to agreeing on an out-of-court settlement in relation to a shareholder dispute about the expansion of the company.
In late 2017, the dispute developed over the expansion scheme backed by Connolly and Sullivan, to 'super-size' the plan.
The company founders Tom Gannon and Niall McGrath who own 50% of the company took court action this year after they were removed from running the business, reports The Sunday Times.
The initial court hearing saw the company founders blocking Fulfil from issuing shares to the Brian O'Sullivan, its new chief executive.
The other shareholder is believed to be Barry Connolly, the owner of Richmond Marketing, who initially joined the company as a financial backer.
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Fulfil Nutrition was launched in January 2016 and made sales of about €12 million in its first trading year, doubling the amount in the year after that.
Gannon and McGrath had worked with Connolly at Richmond Marketing for years before conceiving of the Fulfil brand in 2014.
Richmond Marketing took over the distribution of Fulfil for Ireland, while Connolly began distributing the brand to the UK.
The board of business was expanded in 2016, with the addition of Richmond’s finance chief, Ivan Walpole.
Connolly and the two co-founders reportedly held talks over buying out some or all of their shares, but an agreement wasn’t reached.
“The parties are currently in mediation with a view to achieving a satisfactory resolution and talks are progressing well,” a spokesperson for the group said, following a court hearing in March.
“There will be no further comment until discussions conclude.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.