Business

Saturday 21 October 2017

Bangers well and truly mashed as bank closes Olhausen

THE news that Ulster Bank preferred to allow sausage maker Olhausen to close rather than accept a cash offer for the business is sure to spark howls of outrage, not least from 160 workers devastated by receivership.

For once we're at a loss as to the bank's thinking.

Surely the best outcome for everyone -- lender, workers and prospective investors -- was to keep trading, at least long enough to ink a deal?

Selling a going concern is always easier than trying to liquidate assets after the shutters have come down.

There's no question that Ulster Bank and the receivers are well within their rights. An unpaid creditor with a charge over assets is in a uniquely powerful position under Irish law, but it doesn't mean they have to act hastily.

Sure Olhausen has been in trouble for years, but there's a good brand with a strong heritage screaming out to be developed. It could still happen, but The Punt suspects we're not the only ones who have gone right off our fried breakfast this morning.

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