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Cappoquin Chickens Liquidator confirms sale:
Statement: 3rd October 2008.
Following a period of negotiation the liquidator, Mr Aidan O’Connell, Deloitte, today confirmed the successful completion of the sale of Cappoquin Poultry Processing Plant. This sale will safeguard the future of the facility.
Two private investors, Perwiaz Latif and Zahid Hussain, owners of Derby Poultry in the UK have taken majority stakes in Cappoquin Poultry Limited, the company formed for the purposes of this acquisition. Paul O’Connor and Michael O’Connor Jnr, members of the original family which founded Cappoquin Chickens have also taken minority stakes along with former Financial Officer, Tom Vaughan.
Cappoquin Poultry Limited will focus on the production of Halal chicken. Both Mr Latif and Mr Hussain have considerable experience in this sector.
Currently employing over 200 staff, employees and Trade Union representatives are being informed of the sale this afternoon. 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. As part of this process, the company intends to source a new hatchery following the sale of the Cappoquin Chickens hatchery in recent weeks.
Derby Poultry will have a 65% controlling interest in the company. Workers wages will be slashed by 17% to the level of the minimum wage. No agreement has been reached with growers yet.