A cloud of uncertainty hangs over the future of 100 jobs at waste company Mr Binman’s operations in South Tipperary after receivers were appointed to the company last Thursday.
Kieran Wallace and Padraic Monaghan of KPMG were appointed joint receivers to take over the management of the waste collection and recycling company after its High Court application for examinership failed.
A statement issued by the joint receivers confirmed that Mr Binman will continue to operate and all its customers household and commercial bins will be collected and processed as normal.
The receivers, who have taken over the management of the Limerick based company, said it was intended to sell the business as a going concern and they were confident that a suitable buyer will be announced shortly.
When asked about the future of the 331 people employed directly by Mr Binman, a spokesperson for the receivers said if a buyer was secured it was hoped that as many of those jobs will be saved as possible but it was far too early to say at this stage.
He said the receivers were assessing options for the company at the moment but he couldn’t comment on whether there was any potential buyers interested.
Mr Binman has more than 65,000 customers spread across Munster including Co. Tipperary. It employs 100 people in South Tipperary at its offices in Clonmel and Tipperary Town and at the Mr Binman Clearpoint refuse depot at Ballylynch Carrick-on-Suir. The company has been owned and operated by the Sheahan family and its base is Kilmallock in Co. Limerick and on top of the 331 people it directly employs, it also provide indirect employment to around 280 more.
Kieran Wallace said Mr Binman had faced very difficult trading conditions in a highly competitive environment, primarily influenced by economic factors. Despite discussions between the company and its lenders, it had not been possible to stabilise the business’s finances and return it to financial health outside of an insolvency process.
Commenting on the future of the business Mr Wallace said: “This is a good business with a strong brand, excellent operations and a growing customer base.
“I will be seeking a suitable buyer for the business as a going concern to protect the business and to secure as many jobs as possible. I am very confident that this will be an attractive business and that I will be in a position to announce a buyer shortly.”
A statement issued by the directors of the Mr Binman Group and the Sheahan family said they were bitterly upset and disappointed at Justice Mary Finlay Geoghegan’s decision to refuse confirmation of the appointment of the Examiner. The group had previously secured the appointment of an interim examiner at the High Court on October 12.
The Mr Binman Group directors and the Sheahan family announced that they were not going to appeal Justice Finlay Geoghegan’s judgement citing what they described as the “complete intransigence” of Bank of Scotland (Ireland) in refusing to support an examinership despite the fact more than six investors had expressed interest in investing in the Group and all other creditors supported the examinership route.
The company’s directors said they did everything in their power to save this long established indigenous Irish family owned company and the 600 jobs at stake and offered their sincere thanks to the support given by excellent employees, suppliers, customers and local banks.
It was a very sad day for the families and friends of the 600 people employed directly and indirectly by the company, they said, and urged Bank of Scotland (Ireland) to do everything in its power to save those jobs.