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18 Jul 11
20:36
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Date Joined:
05 Jan 10
It is understood that the chain has debts totalling around €400m - and the receivers - Kieran Wallace and Eamonn Richardson of KPMG - were appointed by a syndicate of banks including Bank of Ireland, AIB and National Irish Bank.
However, the company will continue trading as normal under existing management led by Chief Executive Andrew Street in conjunction with the joint receivers.
It is understood the receivers are confident of a fairly quick transaction to sell the business as a going concern.
The Assistant General Secretary of the Mandate Trade Union Gerry Light said he was concerned about the jobs of his members at the chain.
Mandate is seeking meetings with the company management and with the Minister for Jobs, Enterprise and Innovation Richard Bruton with a view to ensuring that as many jobs as possible are maintained.
A statement from the receivers is expected later this evening
However, the company will continue trading as normal under existing management led by Chief Executive Andrew Street in conjunction with the joint receivers.
It is understood the receivers are confident of a fairly quick transaction to sell the business as a going concern.
The Assistant General Secretary of the Mandate Trade Union Gerry Light said he was concerned about the jobs of his members at the chain.
Mandate is seeking meetings with the company management and with the Minister for Jobs, Enterprise and Innovation Richard Bruton with a view to ensuring that as many jobs as possible are maintained.
A statement from the receivers is expected later this evening
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My buddy works there, at least he can just ride that wan at the checkout now and not be worrying about the awkwardness of working with her
I'd be more concerned about the awkwardness of riding her at the checkout!
Yeah thats true, he'll know to choose the right place and time I'd say[;)]
Controlled by the privately owned Select Retail Holdings, the company owed the lenders more than €400 million in mainly property-related secured loans.
Select Retail Holdings, backed by property dealers, David Courtney and Bernard Doyle; businessmen Simon Burke, David Cantrell, Kieran Ryan, and property developers Bernard McNamara and Gerry O’Reilly, bought Superquinn from its founder Senator Fergal Quinn and his family, in January 2005 for a reported €450 million.
Mr Burke recently left the company while Mr McNamara exited a number of years ago.
Mr Quinn founded the company in Dundalk in 1960 and the group expanded to encompass 24 stories, with 16 in Dublin and other stories in Kilkenny, Carlow, Clonmel, Waterford, Limerick, Bray, Charlesland, and Portlaoise.
As a privately held company it does not disclose its sales or profit figures.
Sales were estimated to be in the region of €500 million in 2009.
The company’s share of the Republic’s grocery market is said to have fallen from 9 per cent to 6 per cent over the last three years as its customers have shifted to cheaper competitors.
The Musgrave Group had sales of €4.4 billion in 2010 and profits of €72 million. Its franchises have more than 20 per cent of the national grocery market.
Musgaves Utd. 1, Select Retail Holdings 0 (waiting for the fat lady)
p.s. wd Mr Quinn.
Select Retail Holdings, backed by property dealers, David Courtney and Bernard Doyle; businessmen Simon Burke, David Cantrell, Kieran Ryan, and property developers Bernard McNamara and Gerry O’Reilly, bought Superquinn from its founder Senator Fergal Quinn and his family, in January 2005 for a reported €450 million.
Mr Burke recently left the company while Mr McNamara exited a number of years ago.
Mr Quinn founded the company in Dundalk in 1960 and the group expanded to encompass 24 stories, with 16 in Dublin and other stories in Kilkenny, Carlow, Clonmel, Waterford, Limerick, Bray, Charlesland, and Portlaoise.
As a privately held company it does not disclose its sales or profit figures.
Sales were estimated to be in the region of €500 million in 2009.
The company’s share of the Republic’s grocery market is said to have fallen from 9 per cent to 6 per cent over the last three years as its customers have shifted to cheaper competitors.
The Musgrave Group had sales of €4.4 billion in 2010 and profits of €72 million. Its franchises have more than 20 per cent of the national grocery market.
Musgaves Utd. 1, Select Retail Holdings 0 (waiting for the fat lady)
p.s. wd Mr Quinn.
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