CD firm's failure threatens 100 jobs

MORE THAN 100 workers at Dublin-based CD manufacturer Saturn Fulfilment Services Ltd were told yesterday their employer could no longer meet its debts, the High Court has heard.

Mr Justice Eamon de Valera heard that turnover at Saturn, which operates from Citywest Business Campus, Saggart, Co Dublin, had nosedived from €30 million in 2000 to €11.8m as of May of this year.

Company secretary Clement Hannon said 60% of Saturn's business involved the replication of CDs, the printing of customer logos, and packaging and shipping products to customers.

The second sector of its business involved the procuring of material for customers and the assembly and fulfilment of orders for those customers.

Set up in 1994, the company had built up a base of 140 customers, 15 of whom represented about 80% of revenue.

Mr Hannon said that the firm had recently encountered financial difficulties which were exacerbated by its inability to obtain almost €8m due from certain debtors.

He said annual rental obligations had doubled since 2001, and the company anticipated proceedings against it by landlords Allied Irish Banks and Irish Life.

Gary McCarthy, counsel for the company, said Saturn's difficulties were due to a downturn in the tech sector and a weakening of sterling against euro. He said a major customer, Symantec, representing 23% of the company's business, had ended its relationship with Saturn only last week.

Judge de Valera has appointed Liam Dowdall as provisional liquidator.