Almost 10 years after his Goodman International meat processing empire collapsed owing banks more than £500 million (€635 million), Mr Larry Goodman's extraordinary comeback is now complete after he regained sole control of his Irish meat interests by buying out the shareholders who held the remaining 55 per cent of Irish Food Processors. A spokesman for Mr Goodman would not reveal how much he had paid to buy out the remaining shareholders, but in the year to March 1998, the company had underlying profits of £12.2 million and had no tax charges because of accumulated tax losses.

This might value Irish Food Processors at £100-£120 million, suggesting that Mr Goodman might have paid £60-£70 million for the outstanding 55 per cent.

The firm was created in 1995 as part of the restructuring of Goodman International when investors assembled by Mr Goodman bought 65 per cent of Good man International from the group's creditor banks for £40 million, with the banks forgiving more than £300 million of the remaining debt. That deal involved Mr Goodman reducing his stake from 40 per cent to 35 per cent.

The investors who bought in for the remaining 65 per cent included several Louth businessmen.

These included the McCann family, which manages fruit distributor Fyffes, with 14 per cent; Jim and Pat Gleeson, who also held 14 per cent; the owner of electrical group Dimpco, Mr Brendan McDonald, with 9 per cent, and Drogheda businessman Mr Jim Monaghan, also with 9 per cent. The remaining 18 per cent was held by American vulture fund Morgans Waterfall.

Vulture funds make their money by backing the recovery of companies in distress and then selling on their investment at a profit.

Morgans Waterfall sold its 18 per cent stake in Irish Food Processors, with Mr Goodman's stake rising to 45 per cent, the McCann family to 17.2 per cent, the Gleesons to 16.6 per cent, Mr McDonald to 12.07 per cent and Mr Monaghan to 9.09 per cent.

Since the collapse of Goodman International and Mr Goodman's Lazarus-like recovery as sole shareholder of Irish Food Processors, his meat-processing interests have been substantially rationalised. That has not, however, allowed the firm to increase substantially operating margins which are still wafer-thin at 1.8 per cent in the year to March 1998.

In that period, the company's sales rose slightly to £680 million from £665 million but underlying operating profits were static at £12.2 million. Almost 60 per cent of sales were in Britain, 14 per cent in Ireland, 15 per cent in the EU with the balance going to other countries in Europe, the Middle East and Africa. The group is now selling more than £700 million of Irish and British beef to more than 30 countries.

The group did report profits-before-interest of £21.7 million with a £4 million interest bill reducing the pre-tax profit figure to £17.6 million.

Of these profits, £15 million were retained in the business, with £2.5 million paid out in dividends to the shareholders. This meant Mr Goodman and his family received dividends of £1.1 million, the McCann family £430,000, the Gleeson brothers £420,000, Mr McDonald £300,000 and Mr Monaghan £230,000.

Mr Goodman said: "My commitment over the next five years is to further grow the business by opening new markets, particularly those that were closed when Ireland joined the EU in the 1970s."

He added: "A stronger, more vibrant and efficient market-led industry is needed to compete with other exporting nations as well as with white meat and other protein products."

Mr Goodman will continue to act as chief executive and Mr Bernie Cahill - chairman of Green core and Aer Lingus - will remain chairman of the group.

The other board members will be Fyffes finance director Mr Carl McCann; Irish Food Processors' finance director, Mr John O'Donnell; former Bank of Ireland chief executive Mr Ian Morrison; the director of the Irish Brewers' Association, Mr Paddy Jordan, and Mr McDonald.

The company now has meat plants in the Republic in Cahir, Bandon, Waterford, Rathkeale, Longford, Nenagh, Clones, Dublin and Ballybay and in Northern Ireland in Newry and Lurgan.