Ideal Standard International has bought four subsidiaries of Qualceram Shires plc, the bathroom products maker which last month announced that it was going into liquidation.
At the time, it said the four subsidiaries had reached agreement with an investor. Today, Ideal Standard International said it had bought the four companies - Shires Ireland, Quality Ceramics Arklow Ltd, Quay Bathrooms and Quality Ceramics Sales Ltd. These account for the bulk of Qualceram Shires' business.
Ideal Standard International, a privately-owned company based in Brussels, is also buying the intellectual property rights of Qualceram Shires' brands, which include Qualceram, Shires, Selecta and Trent Bathrooms. No details of the sale price were given.
'We believe this offers an attractive opportunity to further enhance our market positions in Ireland and the UK,' said Ideal Standard International's chief executive."
Qualceram Shires went into examinership in April after talks with its bankers and landlord failed to reach agreement. It had been suffering because of the slowdown in the property markets in Ireland and the UK.
