THE MANAGEMENT at the C&D Providers businesses in Larkin’s Cross,Trinity Street and Arklow has moved to clarify that they are continuing to trade as normal and are not in any way associated with a recent company that went into receivership.
A spokesperson for the company, HPC Group Ltd. said: “In early July 2012 the senior management team of Moritz Trading Limited completed a full management buyout of the entire trading businesses of the group. A newly formed company, Home Project Centre Limited (HPC) owned and controlled by the management team acquired the businesses from Moritz with the approval and support of NAMA.”
They added: “One of these businesses acquired is C&D Providers Limited, a long established and well respected business in the South East, with trading branches at Larkins Cross, Trinity Street Wexford and Arklow. The businesses continue to trade as normal, under their existing and well known trading names, following the MBO. All staff employed in the individual branches were also retained.”
“As part of the transaction the individual properties remain in the ownership of the Moritz Group with NAMA holding charges over these in respect group borrowings. The properties in Wexford are owned by a non trading company, C&D Providers (Wexford) Limited, and none of the directors or shareholders of the trading businesses have any involvement with this company. This company has no relationship to C&D Providers Limited and is entirely separate from the trading businesses.”
Subsequent to the completion of the deal NAMA appointed receivers over the properties it had charged. This appointment by NAMA was made for the purposes of tidying up its property portfolio and does not impact whatsoever on the trading businesses.
The spokesperson added: “We are delighted to have successfully completed the management buyout of C&D Providers, which is a significant employer in the Wexford community and is managed by a vastly experienced and dedicated local management team. We are very pleased with current trading in C&D Providers and we look forward to developing this business into the future.”
“As part of our plans five new employees have joined the business since the acquisition was completed. We hope to further increase employee numbers over time as the market recovers. We are very grateful for the support we enjoy from our many loyal customers and the Wexford community in general and we look forward to many more years of successful trading in Wexford”.
