Friday 23 March 2018

Up to 30 jobs lost as no buyer found for Kerry Spring firm

Kerry Spring Water
Kerry Spring Water
Michael Cogley

Michael Cogley

AS many as 30 jobs have been lost as bottled mineral water company Kerry Spring has ceased trading.

Liquidators received no satisfactory offers for the company and have decided to sell the business' assets rather than sell it as a going concern.

Myles Kirby of Ferris and Associates was appointed as official liquidator to Sliabh Bhrendain Teo, trading as Kerry Spring, on September 7 with the aim of selling the business.

However, after some promising early interest and a deadline extension for offers, Mr Kirby said that no satisfactory offers to take on the business as a going concern were received and as a result will now sell off the company's assets.

McKay Asset Valuers and Associates oversaw the sale of the business and began advertising it on August 16.

They initially set a five-week deadline for the submission of tenders of September 18. After 40 expressions of interest and encouraging initial enquiries Mr Kirby granted a five-day extension for interested parties.

But he did not receive a satisfactory offer after the deadline and as a result informed staff that the company would cease trading on Friday, September 25.

The entire plant, the machinery, the vehicles, the stock, the brand and other assets are now for sale in one or more lots through McKay and Associates.

The tender date for the sale of the company's assets has been set at Friday, October 23. It means there is also one final opportunity for interested parties to purchase the plant in situ for operational purposes.

Mr Kirby acknowledged the hard work of the 30 staff and the directors who worked with him to find a buyer.

Mr Kirby is working with the employees to ensure their redundancy and other entitlements are paid as quickly as possible.

Irish Independent

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