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Cappoquin Plant Sold

by 5m Editor
6 October 2008, at 10:16am

IRELAND - The Cappoquin poultry plant in west Waterford has been sold to two private investors in Britain, owners of Derby Poultry.

The company went into examinership during the summer and it was expected to close with the loss of about 200 jobs and €20 million annually to the local economy, according to Irish Times.

In a statement this evening, liquidator Aidan O'Connell of Deloitte announced the successful completion of the Cappoquin processing plant, which he said would safeguard the future of the facility.

"Two private investors, Perwiaz Latif and Zahid Hussain, owners of Derby Poultry in the UK have taken majority stakes in Cappoquin Poultry Limited, the company formed for the purposes of this acquisition," Mr O'Connell said.

"Paul O'Connor and Michael O'Connor Jnr, members of the original family which founded Cappoquin Chickens have also taken minority stakes along with former Financial Officer, Tom Vaughan."

The company will now focus on the production of Halal chicken, a sector in which Mr Latif and Mr Hussain have 'considerable experience'.

Trade union representatives and staff were being informed of the sale this afternoon, Mr O'Connell said

"The new structure will require a period of re-organisation which will result in continued employment for the majority of the existing employees."

The company will engage in a 'period of gradual growth' to re-establish its market share.

"As part of this process, the company intends to source a new hatchery following the sale of the Cappoquin Chickens hatchery in recent weeks," Mr O'Connell said.

Further Reading

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5m Editor