Irish poultry company saved by takeover
The future of Irish poultry processor Cappoquin chickens has been secured following the High Court approval of a takeover bid.
A group of investors in partnership with Cappoquin Poultry Producers Co-op, a local growers and suppliers organisation, has invested €650,000 to acquire the business. With the support and goodwill of customers, creditors, growers, staff, and banks, the new business aims to raise additional capital, reflecting their confidence that the business can be returned to sustainable operation and export led growth in the coming year.
Commenting on the acquisition, the newly appointed Chairman of Cappoquin Poultry Holdings, Sean Brady, said; "There is a substantial market in the UK and Irish food service sectors and in the butcher trade for high quality Irish poultry products offering value and traceability. The Cappoquin business, now under new ownership, will now drive forward with determination to service these markets and to grow the business to its full potential."
"The processing facility in Cappoquin, Co. Waterford, can process up to eleven million chickens a year. It also produces chicken in accordance with Halal regulations, respectful of the Islamic faith. We aim to significantly expand the export of Halal processed chicken into the UK and Europe, where there is substantial export opportunity, with many retail multiples in the larger cities and towns stocking Halal produced meats," Brady concluded.
"In order to ensure the future viability of the business and meet our growth targets the current operation will need to be re-configured,” the company’s new managing director, Raymond O’Hanlon added.
"We believe that by strengthening our sales/marketing function and by streamlining the business, we can create a solid foundation, which will allow us to consolidate our position in both the Irish and British markets, and to grow new export opportunities in continental Europe,” he said.
Cappoquin Poultry went into examinership in August 2012 with debts of €6m, putting at risk some 140 jobs and leaving a string of creditors.
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