Olhausen receivers optimistic about securing a buyer for the group

Ulster Bank has already received an offer of EUR*1 million for Olhausen from Monaco-based financier Michael Flacks, but rejected this deal
Ulster Bank has already received an offer of EUR*1 million for Olhausen from Monaco-based financier Michael Flacks, but rejected this deal
News

18 October 2012

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Receivers appointed to meat producer Olhausen have said they are optimistic a buyer can be found for parts of the business.The company, which first began life as a butcher’s shop on Dublin’s Talbot Street in 1896, has had to announce the closure of three plants in Blanchardstown, Coolock and Monaghan.

As well as Olhausen, the company owns brands such as Kearns and Byrnes. It also made own-brand sausages for Aldi, Lidl and Dunnes, as well as operating a food service business.

The company’s board had recently been in negotiations with two potential buyers, thought to be Larry Goodman’s Irish Food Processors and Mallon Foods, but was unable to agree a deal on time in order to continue as a going concern.

Jim Hamilton and David O’Connor of BDO subsequently became joint receivers and managers of Dublin-based Olhausen, following a request from its board to Ulster Bank, which is understood to be owed more than €10 million. 

The closure of the three plants will involve the loss of 160 jobs. Siptu, which represents 100 of the employees, has negotiated with the receivers for the payment of wages due and, working with the receivers, is assisting with statutory redundancy applications.

 

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