A REPRIEVE could be in store for HSI Limerick Business School after a Dublin based college expressed interest in its purchase.
On Monday, five full-time and 30 part time staff, were informed that the college has closed after 60 years of trading.
Management had been working to avert a closure this summer but could not produce a rescue plan with their bankers.
A liquidator has been appointed, while talks are being held with Griffith College to accommodate existing students, and those who were to commence studies.
However, Principal Director of McQueen’s International College (McQIC) in Dublin, Patrick McKernan, has now expressed an interest in speaking to receivers about the purchase of HSI.
“McQueen’s International college, Dublin is interested in speaking directly to the receivers about the purchase of the former HSI business,”Mr. McKernan told the Limerick Post.
He had, he said, been in touch with Deputy Willie O’Dea, who had been very helpful and was anxious to see HSI continuing to operate.
HSI Limerick Business School was established in 1951 by the late Mrs Nora McNamara as a secretarial school on Quinlan Street, and was then known as the ‘School of Commerce’, affectionately referred to as ‘Mrs Mac’s.’
The school grew significantly over the years, gaining international recognition, with major expansion taking place.
More than 80,000 went through it doors, and the array of evening courses proved very popular.
Mrs McNamara’s son Michael, a former 2fm DJ, took over responsibility for the school in recent years, with his wife Anne, and built a solid relationship with potential employers in the region.
They promoted the school internationally, and thrived on attracting students from abroad.
New immigration regulations for non-European Economic Area students, introduced in January of this year, are said to have had a detrimental effect on HSI finances, contributing to a decline in overseas students applying to the college.
The rules dictate that non-EEA countries cannot travel to Ireland for part-time or distance learning courses.
According to a HSI lecturer, who contacted the Limerick Post, staff had taken a 30% cut in salary in recent times.
“The school had functioned up to last Friday, but there were a few hints that not all was well.
“There were some people inspecting the college last week, and while we understood they were interested in taking over, it seemed that they did not pursue their interest”.
Deputy Willie O’Dea FF, who attended the annual conferring day since 1992, described the closure as a sad day for Limerick.
“Ireland is experiencing a credit and emigration problem,” said the TD.
“Many potential students are finding it difficult to come up with college fees, and are emigrating from a young age”.
He added that the McNamara family had been dedicated to the HSI and, over the years, and had overcome many challenges.
“Closure will have a ripple affect…business premises and landlords in the immediate vicinity will feel the loss. HSI had a long association with FETAC. Hopefully, it will be saved”.
