Irish bathroom suite maker Qualceram has ended talks that could have led to a takeover of the company, following the downturn in the Irish and UK construction markets.
The firm confirmed in March that it had received an approach by an unnamed third part, expressing a preliminary interest in Qualceram's business.
In a statement today, Qualceram said it had been in discussions with "a number of potentially interested parties" for the company since the initial approach came to light, but regarding an offer for the entire share capital of the Company. However, the company has put an end to any negotiations with potential buyers.
"The position of potential buyers and current valuation levels have been negatively impacted by the continued deterioration in the UK and Irish construction markets, the general downturn in the economy, credit market conditions and uncertainty surrounding a recovery in the Company's key markets," it said in a statement.
"These factors have restricted the ability of the parties who expressed an initial interest in making an offer for the company, and with whom the board has engaged during the last five months, to make acceptable offers."