Friday 18 October 2019

Receiver for 3D printing firm Mcor

Up for sale: Mcor, co-founded by Dr Conor MacCormack, is seeking a buyer
Up for sale: Mcor, co-founded by Dr Conor MacCormack, is seeking a buyer
Gavin McLoughlin

Gavin McLoughlin

Highly-tipped 3D-printer firm Mcor Technologies has had a receiver appointed and is now up for sale.

The receiver, David Van Dessel of Deloitte, was appointed by Kreos Capital which had loaned the business money.

"I will be working with the directors and the Charge holders to sell the business and assets as a going concern and the company continues to provide customer support to its network of distributors and dealers," Mr Van Dessel said.

"The company has a truly innovative and environmentally friendly 3D colour printer, which has multiple applications in a global market and I look forward to working with the company on a successful outcome for all stakeholders," he added.

A receiver's job is to recover the money owed by a company to a creditor.

Mr Van Dessel has been appointed with the consent of John Ryan, who alongside Kreos also has a charge over the business.

Mr Ryan is a Silicon Valley-based venture capitalist originally from Co Tipperary.

He was a co-founder of Macrovision, which invented a copyright protection product for video cassettes and was ultimately floated on the Nasdaq. He is also a shareholder in Mcor, as is Enterprise Ireland.

3D printing sees a printing machine manufacture three-dimensional products based on a computer file.

Louth-based Mcor has previously spoken of ambitious growth plans including a potential IPO.

Irish Independent

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