One51 in 'more robust position' after restructuringMonday 27 January 2014 11.55
The CEO of investment company One51 has said the firm is in a better position than it has been for a number of years following the implementation of a restructuring programme.
In a shareholder update, released following an extraordinary general meeting in mid-December, Alan Walsh said the company’s results for 2013 would “exceed expectations”.
One51 had reduced its net debt and leverage ratios to their lowest levels in over six years, he said, while the company had also agreed a new €75 million bank facility from a number of lenders.
This follows a significant restructuring of the firm, part of which included the sale of non-core assets such as its shareholding in British hazardous waste company Augean Plc.
Mr Walsh said the company would now work to grow its business in Ireland, Britain and China, with a focus on its plastics and environmental services business.
One51 was established in 2005 by the Irish Agricultural Wholesale Society Ltd, which had previously spun the majority of its assets off into the IAWS Group.