Seven firms interested in Delta takeover

Up to seven companies are understood to be interested in taking over Cork-based Delta Off-Site Solutions which went into receivership…

Up to seven companies are understood to be interested in taking over Cork-based Delta Off-Site Solutions which went into receivership at the beginning of September with the loss of 180 jobs.

The majority of firms which have considered buying the company as a going concern are Irish, although a number of UK companies have expressed an interest.

However, if no buyer makes a firm offer by the end of this week, the receiver will begin a sale of Delta's assets.

Delta, which made bathroom and kitchen pods for the construction industry, encountered a number of difficulties in the past few months due to the postponement of several key projects, for which it had expected to be a major supplier.

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It was forced to appoint a receiver when it failed to secure additional investment. Two potential investors had been identified but the deal had fallen through. It is understood to have had debts of more than €5 million.

Established in 2002 by Patrick O'Callaghan, the firm had turnover of € 17 million in 2004. Due to the initial success of the company, Mr O'Callaghan was named Ernst & Young Entrepreneur of the Year in 2004. It received an Enterprise Ireland grant of €1 million to expand operations and had plans to increase its workforce to 400.