Sale of Superquinn back on track after court hearing
Published 27/07/2011 | 13:17
The sale of Superquinn to wholesaler Musgrave is back on track after a petition to have the company put into examinership was withdrawn.
Musgrave has also announced a €10m fund to pay suppliers to Superquinn who lost money when the supermarket chain went into receivership.
The fund covers suppliers who did not have any or limited credit insurance.
Lyndon MacCann, senior counsel for the company and two of its directors, put the sale back on track after the '”very significant offer'” made by Musgrave to suppliers.
Superquinn went into receivership last week after announcing debts of €400m - €275m of that is owed to banks.
The Musgrave group has offered to buy the supermarket chain and receivers say the sale would secure 2,800 jobs, but suppliers would be left with around €50m in losses.
Minister for Agriculture, Food & Fisheries Simon Coveney has welcomed the announcement of a fund for Superquinn suppliers by Musgrave.
Speaking at the MacGill Summer School in Glenties, the minister said he hoped it would help small suppliers stay in business.