A scheme to secure the continued survival of Cappoquin Chickens has been approved by the High Court.

An interim examiner was appointed to the Co Waterford company in August. The business had debts of €6m.

It is expected that under the scheme upwards of 70 of the 140 jobs in the business will be saved.

A group of investors, in partnership with Cappoquin Poultry Producers Co-op, local growers and a suppliers’ organisation, has invested €650,000 to acquire the business.

The new business aims to raise additional capital in the hope of returning it to a sustainable and export-led operation in the coming year.

The facility has the potential to process up to 11m chickens a year.

The new directors of the company are Dr Sean Brady, Eddy Keane, Paddy Meaney and Raymond O'Hanlon.