THERMO Pack and Polystar, the foam manufacturer and installation companies, are likely to be sold as going concerns, one of the joint receivers, Mr Rory O'Ferrall of Deloitte & Touche, said last night. The two firms, effectively operating as one, employ 65 people in Omagh, Co Tyrone and 10 in Dublin.
"It's early days yet, and we have to go through the accounts thoroughly, but our objective at this point is to sell the companies as going concerns," Mr O'Ferrall said. The two companies have a combined turnover of £7.3 million.
The Omagh factory, Thermo Pack, is a subsidiary of the Dublin operation, Mr O'Ferrall added, and he would be happy to sell them either separately or together. He was unable as yet to say exactly how much money the companies owed their creditors.
Problems arose at the company after a significant investment in the Omagh plant last autumn failed to generate the expected profits, he said. Mr O'Ferrall said several millions of pounds" had been spent purchasing new equipment and machinery.
Thermo Pack makes and distributes foam insulation products, sectional structural panels, fibre glass lighting poles and GRP doors. Polystar makes panels allied to Thermo Pack's fire protection business.
