Cappoquin Chickens, the well-known Irish poultry processor from Cappoquin in the western part of Co. Waterford, has been sold to the little known British company Derby Poultry Processors. More than two weeks ago the management of the family-owned local business, which was of great importance for the area, had announced the end of operations and closure of the company, which had run into financial difficulties and accumulated debts of about € 7 million. More than 200 local jobs were lost due to the liquidation.
(for more details see my entry of September 17th)
Throughout the whole summer Cappoquin Chickens had tried to rescue the business, but failed in the end. There were also negotiations with potential buyers in the UK, but they came to no conclusion. So eventually the O'Connor family, who founded Cappoquin Chickens and ran it for nearly 50 years, had no choice but to give up.
Now it emerged that one of the English companies they were in contact with is picking up the remaining pieces of Cappoquin Chickens as a bargain. So the economic neo-colonialism we have seen many times before is raising its head once again.
In a statement Cappoquin Chickens said: "This sale will safeguard the future of the facility. The new structure will require a period of re-organisation, which will result in continued employment for the majority of the existing employees. Cappoquin Poultry Limited will now engage in a period of gradual growth to re-establish market share."
The company also said it intends to source a new hatchery, following the sale of its hatchery in recent weeks.
For the local workers this is good and bad news at the same time. Most of them will get their jobs back (which is the good news), but only under new terms and conditions, which are not as good as what they had been before.
Two of the previous owners, Paul O'Connor and Michael O'Connor Jnr., along with their former financial officer Tom Vaughan, have taken minority stakes in the new company.
The Emerald Islander
