EXCLUSIVE: One of the county’s best-known companies Donegal Creameries is on the verge of being sold, Donegaldaily.com understands.
The company is to be bought by Connaght Gold – a company with head offices in Co Sligo.
And we also understand that the buy-out could be bad news for some employees of the company.
Currently the company operates NINE agri-stores outlets across the county including Letterkenny, Kerrykeel, Killygordan and Lifford.
The company currently has more than 200 employees including 100 workers at its Creamery Division in Killygordan
Although the company made a 14% increase in profit from €3 million to €3.4 million, it is feared some of the company’s stores are not as healthy as others.
The new buy-out will undoubtedly lead to a full audit of the company which had an annual turnover of €126 million last year.
Outside of its agri-business, the company also owns shares in a number of other private ventures including the LYIT Students Hall Accommodation in Letterkenny.
A source close to Donegal Creameries told Donegaldaily that a deal has been struck with Connaght Gold but nobody knows what it will mean to the workforce of the company.
“There has been speculation about the buy-out for a number of weeks now but I believe an announcement will be made tomorrow.
“The company is in good shape but there is a lot of nervousness amongst the workforce about the future.
“We do not believe a company would buy Donegal Creameries if they were going to shut it – that would not make any sense.
“However there is already speculation that there will be some fine-tuning of some different areas,” he said.
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