Hope that some of 62 jobs can be saved

APRIL 1988

GREENORE Plastics is saved and it is hoped to re-start production soon.

The company is bought by Dolphin Packaging PLC, based in Poole, Dorset, for £263,000.

It is not known how many of the 62 jobs will be saved by the re-launch but a return to production will come as a big relief to the Cooley peninsula.

Established in 1965, Greenore Plastics had a turnover of £3.5m and 50% of the UK market for plastic egg boxes.

However, a receiver is called in by a Swiss national who has a debenture outstanding which is £1.6m in debt.

Tremendous interest is shown in the company with 35 parties enquiring, but Dolphin only hears recently it is in receivership.

Greenore had been doing business with Dolphin, who print labels, and the English outfit takes immediate steps to acquire the firm.

One of their conditions is that a deal is concluded quickly in order to get back into production, and while this does not suit the receiver he consents, with agreement to be reached later on some minor details.

The price agreed will go to the Swiss debenture holder.

Revenue is owed £160,000 but can expect a dividend of less than 50p in the pound.

There is £970,000 outstanding to ordinary creditors, and unsecured creditors will receive nothing.

The biggest is a German company which supplies raw materials. The E.S.B. is also owed a substantial sum.

Deputy Seamus Kirk welcomes the take-over. He hopes the new company will go from strength-tostrength, as a loss of jobs would have had a severe impact in Cooley.