Sale of SWS remains unclear

LEADING figures of the four west Cork Co-ops met yesterday amid speculation that the Ion Equity bid of over €100m for SWS of Bandon had hit a snag.

Well placed sources say ambitions to have the deal signed off by this Friday may not be met and that the alternative offer from One51 is wining marginal support from the West Cork Coops and Lisavaird in particular.

The One51 offer is substantially less in up front cash terms than Ion’s bid of over €100m, but it allows Bandon, Barryroe, Lisavaird and Drinagh as well as Reox, an offshoot of Dairygold, to retain 49.9% of the equity in SWS going forward.