The examiner to bathroom products maker Qualceram Shires is to apply to have the company liquidated, but four of its subsidiaries will continue in examinership.
The company went into examinership in April after talks with its bankers and landlord failed to reach agreement. Qualceram has been suffering because of the slowdown in the property markets in Ireland and the UK.
In a statement today, it said the four subsidiaries had signed a binding agreement with an investor who will invest in four of its Irish businesses. The investor intends to keep distributing their products in Ireland and the UK.
Qualceram employs 90 people but it is unclear how many of them remain in secure employment pending more information from the investor. Shires Ireland, Quality Ceramics Arklow Ltd, Quay Bathrooms and Quality Ceramics Sales Ltd are the subsidiaries subject to investor interest. These make up the bulk of the company's business.
Qualceram Shires was listed in Dublin, but the examiner David Hughes of Ernst & Young was unable to secure any funding for it. The examiner has told the company it is 'highly unlikely' that shareholders will receive anything from the process.
