THE RECEIVER appointed to a Co Longford cable manufacturing company is seeking to sell the business as a going concern. A meeting took place in Longford yesterday to try to draw up a rescue plan for the cable manufacturing company, B3 Cable Solutions, which has gone into receivership.
B3 Solutions employs 106 people in the manufacture of copper and optic fibre cables at its plant at Aghafad, Co Longford. The staff face redundancy unless a buyer can be found in the next seven days.
Alan Flanagan of Deloitte has been appointed receiver and manager over the business and assets of B3 Cable Solutions (Ireland) Limited (In Receivership).
Mr Flanagan, who is a partner in the corporate finance practice at Deloitte, said yesterday that he would “complete an immediate review of the company’s operations while seeking to engage with interested parties”.
Following the meeting yesterday with staff and trade union representatives, a spokesman for the receiver said he was seeking expressions of interest for the business and that he was trying to sell it as a going concern.
Trade union Siptu, which represents 85 general operative and supervisor staff at the company, said the revelation that B3 Solutions had been placed in receivership had come as a bombshell to the workforce.