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UK Firm May Rescue Cappoquin
IRELAND - Executives from a British poultry company have begun discussions with the liquidator of Cappoquin Chickens about a possible rescue bid which would save some 200 jobs at the County Waterford plant.Executives from Derby Poultry travelled to Cappoquin and spent the day on 4 September in discussions with liquidator Aidan O'Connell of Deloitte Touche to see if they could come up with an investment proposal which would save the plant, reports Irish Times.
Cappoquin Chickens, which began processing chickens in the 1930s and processes some 220,000 birds a week, went into liquidation last week after it revealed losses of up to €7 million.
On 2 September, the High Court gave permission for the company to continue to trade for six weeks after Mr O'Connell said he hoped the company would process and sell its stock of 1.3 million chickens, which would earn more than €500,000.
Earlier this week, about 50 chicken producers from Waterford and Cork, who are owed on average €30,000-40,000, attended a rally outside the plant where they heard IFA president Pádraig Walshe blame the company's difficulties on cheap imports.
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