Paul McGlade, the serial entrepreneur and founder of Champion Sports and Therapie Clinics, has been adjudged bankrupt on foot of Revenue debts of more than €4.5m.
McGlade, with an address at No 29 Upper Merrion Street, was adjudged bankrupt on July 3, according to Iris Oifigiuil, the state’s official gazette. He is required to make full disclosure of his property to the court.
According to McGlade’s bankruptcy file, seen by this newspaper, Michael Gladney, the revenue commissioner, petitioned for bankruptcy having sought to collect €4.5m from the businessman. Bankruptcy documents show that Byrne Wallace was appointed as solicitor on behalf of Revenue.
The figure dates back to a case taken in 2010 by Gladney’s predecessor Gerard Harrahill, which sought judgment of €3.39m, which has accrued interest.
McGlade did not respond to requests for comment.
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Corporate records show that McGlade formerly held directorships with Ely Medical, the parent company of Optilase and Therapie Body Clinics.
He founded Therapie in 2001 before passing it on to his son Phillip, who now runs the successful massage and beauty treatment business.
The company, which has 13 clinics in Ireland and two in Scotland, recently moved into the India market when it opened in Mumbai. McGlade’s other son, Paul Jr, has been involved in hospitality ventures.
According to company documents, McGlade was also a director of companies related to Champion Sports before it was sold. McGlade ran the sports retailer for a number of years and owned a significant stake in the company when it was sold to PCP One, a consortium of investors including Bernard McNamara, for a reported €60m in 2006.
The company was later bought out by British retailer JD Sports in 2011, which rebranded it.