The liquidator of troubled medical supplies company, Eurosurgical, has sold its Northern Ireland division to rival HSL.
The High Court recently appointed George Maloney of RSM as liquidator to Eurosurgical, which was wound up in May owing €3 million to the Revenue and various sums to other creditors.
Medical equipment supplier HSL said on Monday that it has bought Eurosurgical's Northern Ireland subsidiary, Endosurgical (NI) Ltd as a going concern.
HSL chief executive Dominic Walsh said the move would boost his company's turnover to £18 million (€21.55 million) a year from £10 million.
All Endosurgical staff are transferring to the new owner, whose workforce will increase to 56 from 33 as a result.
Mr Walsh led a management buyout of HSL last Ocotober with the backing of an investor, the Foresight Group, which put up £4.5 million.
“From the outset, we planned to develop the business significantly through strategic acquisitions and organic growth,” he said following Monday’s announcement of the Endosurgical deal.
HSL has offices in Belfast and Dublin. It supplies radiological, surgical and other equipment to hospitals and clinics around Ireland.
Eurosurgical’s liquidator, Mr Maloney, said that he was pleased that the business was sold as a going concern.
Eurosurgical was wound up following a petition from shareholders – siblings Gary, Alan and Alison Kane – in May.
