Cosmetic Creations Ltd, also known as Lynoslife, is seeking court protection from its creditors with the appointment of an examiner.
The company petitioned the court on February 16 for the appointment of Tom O’Brien in the role, according to CRO filings.
Cosmetic Creations is led by Aiden Corcoran, who acquired a cosmetics manufacturing plant in Mayo in 2017.
In 2018 Corcoran acquired another factory, when French cosmetics business Yves Rocher was pulling out of Cork.
Corcoran (46) officially opened his Cork facility in late November 2019 and announced plans to add 90 jobs at Cosmetic Creations’ operations in Cork and Mayo.
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Cosmetic Creations produces a range of ingredients and products in the skincare, self-tanning and cosmetics sectors, as well as ENT sprays/creams and animal care products. Clients include private label national brands and Irish, UK and European retail multiples.
Corcoran trained as a chartered mechanical engineer and worked for HP for several years, helping the company scale facilities worldwide. He also worked in Allergan and Boston Scientific, before co-founding an engineering services company in Westport that expanded internationally.
Cosmetic Creations was established by John O’Sullivan following an MBO of Cosman Ireland, which was established by US multinational Nutrimetics in the 1970s.
Corcoran acquired Cosmetic Creations from O’Sullivan in 2017 in a deal worth around €800,000. “The Claremorris factory needed retrofitting, so we put in about a half million euro in the first year after acquiring it,” Corcoran told Business Plus in 2019.
“We had to rip out the innards of the factory and bring it up to a 21st century standard. We also secured ISO certification within a few months of acquiring the site. The big Cosmetic Creations clients stayed on with us and we attracted more in the same field.”
The entrepreneur sourced funding through IPS Finance in Limerick to finance the Yves Rocher deal. The Cork facility had been wound down by its French owner due to lack of volume production.
