Cappoquin Chicken Business gets New Start14 December 2012
IRELAND - The continued survival of the Cappoquin Chickens business has been secured following High Court approval, on Tuesday (11 December), of a scheme of arrangement for creditors and the injection of new investment in a move which is expected to save upwards of 70 of the 140 jobs in the business.
A group of investors in partnership with Cappoquin Poultry Producers Co-op, a local growers and suppliers organisation, has invested €650,000 to acquire the busines, reports the Waterford Today.
With the support and goodwill of customers, creditors, growers, staff, and banks, the new business aims to raise additional capital, reflecting their confidence that the business can be returned to sustainable operation and export led growth in the coming year.
The new directors of the company are Dr Sean Brady, Mr Eddy Keane, Mr Paddy Meaney and Mr Raymond O’Hanlon. Dr Brady and Mr O’ Hanlon both have previous experience in the management and operation of a number of food-related and other businesses while Mr Keane and Mr Meaney are long established growers and suppliers to the business.
Commenting on the acquisition, Dr Brady, newly appointed Chairman of Cappoquin Poultry Holdings Ltd said: "There is a substantial market in the UK and Irish food service sectors and in the butcher trade for high quality Irish poultry products offering value and traceability. The Cappoquin business, now under new ownership, will now drive forward with determination to service these markets and to grow the business to its full potential."
"The processing facility in Cappoquin, Co. Waterford, can process up to eleven million chickens a year. It also produces chicken in accordance with Halal regulations, respectful of the Islamic faith. We aim to significantly expand the export of Halal processed chicken into the UK and Europe, where there is substantial export opportunity, with many retail multiples in the larger cities and towns stocking Halal produced meats". Dr Brady said.
The company’s new managing director, Mr Raymond O’Hanlon added: "In order to ensure the future viability of the business and meet our growth targets the current operation will need to be re-configured. We have developed a strategic plan for the operation of the business which targets employment for upwards of 70 people along with other Service Providers and part-time positions. We have already started a consultation process with employees on the proposed operating structure."
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