Xtra-vision
Encyclopedia
Xtra-vision is Ireland
's largest chain of video rental stores (or video libraries), founded in 1979 by Richard Murphy. It was previously operated by US company Blockbuster. As of August 2009 it is operated by Irish
investment group Birchhall Investments.
They operate over 200 stores across both the Republic of Ireland
and Northern Ireland
. The company has a workforce of almost 1600 employees. The company offers DVD
, Blu-Ray disc
movies and games for both rent and sale along with music CDs and video games for various platforms. The company has offices in Dublin and Belfast
.
The chain was run by Blockbuster from 1996, the chain never rebranded, citing market research that the Xtra-vision name was better known and more respected than Blockbuster. Even in Northern Ireland
the Blockbuster name was not used as it is in the rest of the UK
. The few Xtra-vision stores outside of Ireland - those in Manchester
, London
and New Hampshire
were rebranded to Blockbuster after the takeover.
The company was involved in what was once Ireland's largest corporate insolvency, with massive expansion of their retail network causing a massive increase in their stock price on the Irish Stock Exchange
. The company's value reached IR£27 million, but the low turnovers in the video rental market meant that there was no cash to continue their huge expansion—up to 10 new stores a week—and the company became insolvent with its shares valued at 1/8 of a penny
on its sale to Cambridge Investments, who in turn went bankrupt and the business was sold for IR£12m to a consortium of Montague Private Equity, 3i
, and the partners behind NCV (a local wholesaler of videos, etc..). Less than 2 years later the consortium sold out to Blockbuster. The failure of the group, in both guises, was notable enough to be mentioned in Dáil debates in 1994.
The company has an exclusive deal meaning that any movie with funding from the Irish Film Board
will initially be provided for rental and sale solely through their network of stores.
In August 2009 Blockbuster sold off its Irish operations to Birchhall Investments.
In May 2011 the company was announced to be in examinership
. The court ruled that the appointed examiner has 100 days to create a recovery plan for the company.
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
's largest chain of video rental stores (or video libraries), founded in 1979 by Richard Murphy. It was previously operated by US company Blockbuster. As of August 2009 it is operated by Irish
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
investment group Birchhall Investments.
They operate over 200 stores across both the Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
and Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
. The company has a workforce of almost 1600 employees. The company offers DVD
DVD
A DVD is an optical disc storage media format, invented and developed by Philips, Sony, Toshiba, and Panasonic in 1995. DVDs offer higher storage capacity than Compact Discs while having the same dimensions....
, Blu-Ray disc
Blu-ray Disc
Blu-ray Disc is an optical disc storage medium designed to supersede the DVD format. The plastic disc is 120 mm in diameter and 1.2 mm thick, the same size as DVDs and CDs. Blu-ray Discs contain 25 GB per layer, with dual layer discs being the norm for feature-length video discs...
movies and games for both rent and sale along with music CDs and video games for various platforms. The company has offices in Dublin and Belfast
Belfast
Belfast is the capital of and largest city in Northern Ireland. By population, it is the 14th biggest city in the United Kingdom and second biggest on the island of Ireland . It is the seat of the devolved government and legislative Northern Ireland Assembly...
.
History
Xtra-vision went into financial difficulties in the 1990s . The company went into receivership and was bought by businessman Peter O'Grady Walshe who later sold on the company to US giant Blockbuster.The chain was run by Blockbuster from 1996, the chain never rebranded, citing market research that the Xtra-vision name was better known and more respected than Blockbuster. Even in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
the Blockbuster name was not used as it is in the rest of the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The few Xtra-vision stores outside of Ireland - those in Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and New Hampshire
New Hampshire
New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
were rebranded to Blockbuster after the takeover.
The company was involved in what was once Ireland's largest corporate insolvency, with massive expansion of their retail network causing a massive increase in their stock price on the Irish Stock Exchange
Irish Stock Exchange
-History:The Irish Stock Exchange is Ireland's only stock exchange and has been in existence since 1793. It is an Irish private company limited by guarantee. It was first recognised by legislation in 1799 when the Irish Parliament passed the Stock Exchange Act...
. The company's value reached IR£27 million, but the low turnovers in the video rental market meant that there was no cash to continue their huge expansion—up to 10 new stores a week—and the company became insolvent with its shares valued at 1/8 of a penny
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
on its sale to Cambridge Investments, who in turn went bankrupt and the business was sold for IR£12m to a consortium of Montague Private Equity, 3i
3i
3i Group plc is a multinational private equity and venture capital company headquartered in London, United Kingdom. It has offices in 13 countries across Asia, Europe and the Americas and had total assets under management of £12.7 billion as at 31 March 2011...
, and the partners behind NCV (a local wholesaler of videos, etc..). Less than 2 years later the consortium sold out to Blockbuster. The failure of the group, in both guises, was notable enough to be mentioned in Dáil debates in 1994.
The company has an exclusive deal meaning that any movie with funding from the Irish Film Board
Irish Film Board
The Irish Film Board is Ireland’s national film agency and major film funding body. It was recommended for abolition by the Special Group on Public Service Numbers and Expenditure Programmes in 2009.-Formative years:...
will initially be provided for rental and sale solely through their network of stores.
In August 2009 Blockbuster sold off its Irish operations to Birchhall Investments.
In May 2011 the company was announced to be in examinership
Examinership
Examinership is a process in Irish law whereby the protection of the Court is obtained to assist the survival of a company. It allows a company to restructure with the approval of the High Court....
. The court ruled that the appointed examiner has 100 days to create a recovery plan for the company.