Insolvent Kerry Spring hopes to secure new buyer
High Court told several parties interested in business as it confirms liquidator following loss of Dunnes Stores contract
Several parties are interested in acquiring the troubled bottled mineral water company Kerry Spring Water, the High Court was told Monday.
In July, the High Court appointed insolvency practitioner Myles Kirby as provisional liquidator of Sliabh Bhreandain Teo, trading as Kerry Spring, which runs its manufacturing facility at Ballyferriter, Dingle, Co Kerry. The company had sought the appointment of a liquidator stating that it had a deficit of €1.1million and was clearly insolvent.
Mr Justice Michael White today confirmed Mr Kirby’s appointment as liquidator and formally ordered the winding up of the company.
Solicitor Gavin Simons of Amoss Solicitors, for the company, told the court there were several parties interested in acquiring the business.
Mr Simons said that, since his appointment Mr Kirby had, in the interest of all parties, continued to run the business as a going concern. He said Mr Kirby hoped a sale would be concluded by the end of the month.
Previously the court heard the company had sought the appointment of a liquidator on a number of grounds, including the fact that one of its main customers, Dunnes Stores, had decided to stop ordering from Kerry Spring Water.
This had “a devastating effect” on the company which had more than 35 employees.
The court had heard that Dunnes Stores had made its decision out of a common problem of an odour from the bottled water and had claimed there had been several complaints about this.
The court heard there was no health and safety issue and it was Kerry Spring Water’s view that the Dunnes Stores decision to discontinue its orders had been a disproportionate act.