Latest news with #BigMike's
Irish Examiner
2 days ago
- Business
- Irish Examiner
New SCARP process eases popular restaurant's post-Covid recovery
Big Mike's, a seafood-focused restaurant located in Blackrock, Co Dublin, underwent formal restructuring in 2025 through Ireland's Small Companies Administrative Rescue Process (SCARP). The process, introduced in 2021, is designed to support small and micro businesses facing short-term financial pressure by enabling them to reorganise outside of the courts. The restaurant is part of the Michael's group, founded by chef and restaurateur Gaz Smith. Delays related to the pandemic meant Big Mike's opened later than planned, and fit-out costs exceeded original estimates. Despite strong customer demand, the business encountered ongoing cash flow pressure as a result of rising input costs and residual liabilities from the build. Smith publicly acknowledged the situation, noting, 'I put everything into Big Mike's. Even my house deposit.' Rather than allow conditions to deteriorate further, management appointed a process adviser and initiated the SCARP process. The goal was to restructure debt, stabilise operations and protect employment. SCARP was selected over examinership due to its suitability for smaller businesses. It avoids court proceedings in most cases and is completed within a seven-week statutory period. According to Barbara Galvin, partner at William Fry, the process is underutilised but well-suited to companies like Big Mike's. 'SCARP is for businesses that are in trouble but still have something worth saving,' she says. 'It is not a wind-down mechanism. It is about early action and recovery.' Under the process, an insolvency practitioner reviews the company's position, prepares a plan, and presents it to creditors for approval. If sufficient support is secured, the plan proceeds without the need for court involvement. At Big Mike's, this was achieved with minimal disruption. Key to the outcome was the business's proactive engagement with stakeholders. Smith communicated openly with suppliers, staff and customers throughout, which helped maintain relationships and facilitate agreement on the restructuring plan. 'He was open with people from the beginning,' Galvin says. 'That transparency helped maintain relationships and made it easier to secure support for the plan.' Following creditor approval, the plan was implemented, and Big Mike's exited the process while remaining fully operational. No court hearing was required. The restaurant retained staff and continued to serve its customer base without interruption. 'This is a clear example of SCARP working as intended,' Galvin says. 'It was a viable business, but overextended. The process allowed it to restructure and recover.' The case highlights the importance of early action, clear communication and appropriate legal frameworks. Management acted before the situation became unmanageable, allowing for a structured solution. Suppliers and creditors supported the process in the belief that the business could succeed long-term. Despite SCARP's proven utility, uptake has been limited. Galvin attributes this to cultural hesitation and a lack of awareness. 'There is still a stigma around business rescue in Ireland,' she says. 'But SCARP is a practical tool. It allows businesses to survive financial shocks without entering costly and complex legal proceedings.' Big Mike's is one of a small but growing number of companies to use SCARP effectively. The case demonstrates that with timely decision-making and professional support, small firms can manage financial challenges without resorting to liquidation. 'If you wait too long, there may be nothing left to save,' Galvin says. 'SCARP only works if the fundamentals are still intact.' The experience at Big Mike's underscores the value of structured rescue frameworks and provides a real-world example of what successful business recovery can look like in practice. Key Lessons from Big Mike's: Act early: Management initiated the process before operations became unsustainable. Early engagement was essential. Communicate Clearly: Smith's transparent communication helped preserve confidence among staff, customers and creditors. Use the right framework: SCARP was more suitable than examinership, given the size of the company and the time-sensitive nature of the issue. Stakeholder support is critical: Continued supplier cooperation and creditor agreement enabled a smooth resolution.
Yahoo
15-03-2025
- Climate
- Yahoo
Denham Springs St. Patrick's Day Parade canceled due to severe weather
BATON ROUGE, La. (Louisiana First) — The Denham Springs St. Patrick's Day Parade has been canceled due to the severe weather threat on Saturday. The parade was originally scheduled for 5 p.m. Parade organizers said the decision to cancel was not made lightly. People are still encouraged to attend the afterparty at Big Mike's. 'We appreciate your understanding and support, and we look forward to making next year's parade even bigger and better! Stay safe, and we'll see you at Big Mike's!' parade organizers said. Wearin' of the Green St. Patrick's Day Parade: What to know before going 1 killed in Baker shooting Friday night Denham Springs St. Patrick's Day Parade canceled due to severe weather Another state looks to ban this common question drivers are asked every day The veterans for third-ranked UConn have fought through the pain to return in time for March Madness The line-swapping hack at Disney, Universal and Six Flags that all parents should know about Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
