Glazing company on brink of closure

One of the country’s oldest glazing firms which employs 84 people was on the brink of closure last night after a last-minute takeover deal collapsed.

Waters Munster Glass, the WMG Group Limited, based at the City North Business Park, in Churchfield, on the northside of Cork city, has been in receivership since Feb 1.

But staff were told yesterday that talks with a potential investor collapsed last Friday after negotiations with a bank.

They were told that 41 people will lose their jobs this morning, with the rest to go on a phased basis over the next two weeks.

The company declined to comment last night.

Farrell Grant Sparks, which were appointed receivers to the company by the governor and the Bank of Ireland on Feb 1, would only confirm that the company is in receivership.

It is understood that the company, which specialised in double glazing and industrial glazing, has been badly affected by the collapse of Ireland’s construction industry.

But workers, who took a pay cut in the region of 5% last year, said orders were still coming in.

Local Sinn Féin TD Jonathan O’Brien met the workers yesterday.

“This is a huge blow for the workers, and for Churchfield in the heart of the city’s northside,” he said.

“This is a company that has been in existence for over 100 years and based in Churchfield for the last 14 years. I would like to know why the potential rescue deal collapsed, and what can be done even at this late stage to save the jobs.”

He plans to raise the issue with the Department of Enterprise this morning.