Donaghadee, Ireland, Dec. 30--The proposed re-opening of the Carpets International plant at Donaghadee was welcomed today by a local councilor, according to the Belfast Telegraph.
Tom Hamilton of Ards Council said he was delighted that a carpet making facility was to be retained in the borough.
He said the announcement of a management buy-out at the plant would create some badly needed employment opportunities in the area.
Some 289 workers were made redundant when the CI plant closed down in October, while the new operation will create 116 jobs.
Recruitment is expected to start next month and former workers will have to apply for jobs if they want to return to the plant.
The reincarnation of the plant is the result of a management buy-out agreed by the administrative receivers.
The rescue plan involves significant support from Invest NI and has won backing from a venture capital company and one of the banks.
But key to the deal is the purchase of the factory itself by a local property development consortium.
MAR Properties and Kilultagh Properties have bought the CI plants at Donaghadee and Killinchy for around £4m.
While the Donaghadee plant is being rented to the MBO team on a 15-year lease, the Killinchy site is to be used for a housing development.
Joint administrative receiver Garth Calow, from PricewaterhouseCoopers' business recovery services in Belfast, confirmed that the assets of the business had been sold following prolonged negotiations.
He said that since their appointment in August, they had been trying to find a buyer for the business or its assets.
"We are delighted to have been able to facilitate a sale to this management team and to provide an opportunity to restart production and retain carpet manufacturing capability on the Donaghadee site.
"The new company, formed by a team of former CI managers from Northern Ireland and Britain, has shown considerable determination and commitment and we wish them every success in the future."
