UNION representatives and the examiner to Lissadell Towels in Carrickmacross, Co Monaghan, which went into examinersip before Christmas, are currently negotiating 30-40 redundancies.

The redundancies will be necessary to secure a £2 million investment package from an overseas investor. The company, which currently employs 140 people, needs substantial investment. It is said to need capital investment alone, of £1.5 million £2 million over the next three years.