Ged Nash to seek talks with Natrium on Clerys plans

Minister for Business and Employment Ged Nash is to seek talks with the owners of Natrium Ltd, the company that last Friday bought the retailer Clerys, on their future plans.

He is also to prepare a report on the closure of the store for the Government amid growing anger in political circles at the treatment of workers who were employed in the department store.

Taoiseach Enda Kenny on Tuesday described the treatment of Clerys workers as "grossly insensitive and appalling".

He said “it might be appropriate for the company law review group” to look at what occurred.

Mr Nash on Tuesday evening met a number of former Clerys workers as well as representatives of the trade unions Siptu and Mandate.

Earlier in the day he met with the liquidators Eamonn Richardson and Kieran Wallace from KPMG.

It is understood that the liquidators confirmed at this meeting that there was no funding available for any additional ex-gratia payments for the former staff who would have to rely on statutory redundancy entitlements.

Separately, a group of 14 concession holders will be able to reclaim €3 million worth of stock which had remained in the Clerys building after solicitors for KPMG confirmed that merchandise would be returned to vendors on proof of ownership.

Clerys was sold by Boston-based Gordon Brothers to Natrium Ltd, which comprises Irish investment group D2 Private, and Cheyne Capital Management in the UK, with financing from Quadrant Real Estate Advisers.

Separate company

OCS Operations Ltd, which ran the department store, was then placed into liquidation in dramatic fashion, resulting in the immediate closure of Clerys. Natrium is expected to redevelop the property, which is held in a separate company.

The former owners are thought to have left €2 million in the operating business for concession holders to be paid but it is not clear where this money is now.

It is understood that in a letter to Natrium Ltd, Mr Nash will also urge the company’s owners to meet with the staff and their representatives.

A spokeswoman for the Minister said he also wanted to hear from the company about its plans both for the Clerys site on O’Connell Street and any prospects for re-employing its former workforce.

Siptu officials also met with the liquidators in a meeting on Tuesday which the union's sector organiser Teresa Hannick described as "robust and frank".

She said: “The new owners of the store have refused to even recognise that the workers exist. The workers have a simple and clear demand. The store’s new owners, Natrium, must meet with them and show them the respect that they deserve.”