The three founders of Dublin-listed company Newcourt have scrapped plans to make a buy-out offer for the company.
The three - chief executive Ted O'Neill and directors Hugh O'Neill and Phil Sykes - received permission from the board in October to seek funding for a proposed offer.
But this morning, a statement said they had been unable to secure the necessary finance because of the uncertainty in international capital markets.
Newcourt said its board would continue to look at a number of options. The company is involved in a number of areas including security, recruitment and property management.
