Enterprise Ireland and SME's

Hedgecutter

I currently work for an SME that is been taken over by a dutch company. The comapny i work for was started by a local man and was grown over 20 years to employ 70 to 80 people. I heard lately that he is selling because the enterprise Ireland invested in a major expansion that took place before the pandemic and had huge losses during the lockdown. A board was put in place last year and now we have been told that the company has been taken over. From the company point of view all good news, i hope, but i cant help but feel the guy who started the company is being forced out by the enterprise Ireland.

I dont understand full the role of the enterprise Ireland, would they get involved in selling indigenous companys. Is there anyway of finding out who much control the enterprise Ireland have of the company.

neris

I dont think the ida deal with Irish companies in Ireland. Wouldnt be enterprise Ireland that invested?

Hedgecutter

https://www.boards.ie/discussion/comment/119018847#Comment_119018847

Apologies enterprise Ireland i should say.

Mick Tator

What you write sounds very implausible. Enterprise Ireland is there to help businesses grow. It does this by either grants (repayable or non-repayable), by ordinary equity/ investing in the company. The latter usually is by way of different types of preference shares. Generally these have no voting rights, so EI could not use its shareholding to ‘force’ a sale. Even if EI had a majority shareholding (highly unlikely), the minority shareholders could seek legal protection. It is highly unlikely that EI would bully any company into a sale. Were a company weak EI would favourably consider a sale. If the company was in need of funds and it’s shareholders did not want to inject more cash or were unable to raise it, a sale of all or part to an outsider would be normal. Should a company’s owners decide to sell all or part, EI would have to be involved due to any existing grant terms, funding or share ownership. From the employee’s perspective their employment rights would continue and be protected by TUPE. (See info on Citizens Information site)

Hedgecutter

https://www.boards.ie/discussion/comment/119018968#Comment_119018968

Thanks. We would have received grants and funding down through the years.

mneylon

Check the CRO or Vision-net - that'll give you a full breakdown of company filings and you can also get details of directors and possibly shareholdings.

macvin

Sounds like a disgruntled employee has fed you a load of bullsh1t and you've lapped up every gram of it.