By Ian Kehoe
The owner of the Dublin-based designer furniture store Foko has said he was "shocked and saddened'' when he realised his business was going bust.
Foko Ltd and Foko Contract will be wound up at meetings of the companies' creditors later this month.
Robert Drennan said he "did not know what had happened to the business or what went wrong'', and that it was "a difficult time for everyone involved''.
Established by Drennan in 1995, Foko specialised in high-quality interior furniture, such as designer chairs, funky office accessories and stylish bedroom furnishings.
Foko had two retail outlets one on South Great George's Street in Dublin and the other in the Blanchardstown Shopping Centre. A related company, Foko Contract, sold a range of products to hotels, bars and cafes. The two firms employed four people.
"I will be sitting down with my accountant to see what happened," said Drennan.
It was reported earlier this year that Drennan had secured planning permission to redevelop the South Great George's Street outlet into a cafe and restaurant.
However, Drennan told The Sunday Business Post that the plan has now been scrapped.
"I am not sure what is going to happen with it all now. We will wait and see."
According to accounts filed with the Companies Registration Office, Foko had accumulated profits of more than €466,000 and shareholders' funds of €479,000 for the year ending April 30, 2002.
Foko Contract made a profit of €59,000 for the year ending April 30, 2001, according to its most recent accounts.
Earlier this year, the High Court made a judgment of €18,350 against Foko Contract, following a petition by Capco Systems from Terenure, Co Dublin.
Drennan's previous company, Foko Manufacturing, collapsed in 2000.
