Former Cavan Crystal workers are expected to put a proposal to the new owners of the crystal plant to operate the production unit as an independent entity.
Mr Pat McKiernan, SIPTU branch secretary for Cavan/Leitrim, said yesterday a bid by the former workers, on a co-operative basis, was being prepared and probably would be put to the new owners next week. The bid would be made on a lease, joint venture or outright purchase basis. The group is acting on the advice of consultants, Brenson & Lawlor.
"Our financial advisers, commissioned to do a feasibility study, appear to favour leasing," he said.
Collateral for a deal would have to be raised through some form of debt financing and backing by private sources, but the group is also hoping for aid of up to £125,000 from Enterprise Ireland, the State development agency for indigenous companies.
The group, comprising 25 former employees, is awaiting the closure today of the deal between the new owners, who have paid more than £1 million for the plant and a partially built heritage centre, and the receiver, Mr Padraic Monaghan. The plant was placed in receivership last August. The new owners are two sets of brothers, Mr Raymond and Mr Kieran McKenna, who own Greenhills Compost in Kilcogy, Co Cavan and Mr Philip and Mr Aloysius McKenna, who own Truwood, a wood fittings company in Emyvale, Co Monaghan. The families are unrelated.
They have previously stated their interest in "working closely with the workforce, the development agencies and the local authorities to preserve and enhance the reputation of Cavan handmade crystal".
Mr McKiernan said the workers were planning a single team of glass blowers, using one furnace to make special pieces. The remaining workers would cut imported "blanks". The co-operative is hoping to retain the Cavan Crystal name, gain control of the on-site shop and double its workforce over five years.
The group would also hope to have its products sold in the heritage centre which, although currently incomplete, is expected to be opened by the owners at a future date. It would have tourism appeal along the lines of Galway Crystal's centre which is also built in a Georgian style and provides tours and the opportunity to buy giftware.
"We are satisfied there is a good level of business for crystal," Mr McKiernan said. Along with tourism appeal, crystal products have a corporate attraction. Mr McKiernan said the shop at Cavan Crystal, which remained open, had annual sales of more than £500,000 (€634,869).
