Thursday, 23 August 2012
Greenstar in Receivership
One of the Northern Ireland's biggest waste companies, Greenstar, which employs 800 people, has been put into receivership by its bankers. The directors said that they demanded immediate payment of the loans which was regrettable considering that they "had not missed any scheduled repayments and were in a strong cash position"
Greenstar is part of the NTR Group and it supplies 12,000 businesses and 80,000 households.
In a statement, the NTR Group said: "Greenstar Ireland, its board, management and shareholders have made every effort to reach an agreement with the banks to secure the future of the business and its employees. At this time, the banks have made their own decision about how they want to move forward and the future of the company is now in the hands of the receiver."
So what happened?
Their are always two sides to every story and the company was up for sale for over a year but given that there were no buyers then perhaps the banks became nervous. The problem is that a company can be in a "strong" cash position and be making repayments at any time but that does not mean that it is sound in the long term, especially as a situation can deteriorate quickly.
If you are based in Northern Ireland and your company is struggling then you can contact our Northern Ireland Regional Manager, Derek Robinson