Founded in 2015, Xerotech employs 100 people.
Appointment of Joint Liquidators
EY-Parthenon’s Turnaround and Restructuring Strategy team members Luke Charleton and Alan Large have been named as the joint liquidators who will oversee the business and other assets. The aim of the sales process will be to sell the trade and assets to secure the Xerotech business and protect employment, if possible, an EY spokesperson said.
Details of the Fire Incident at Claregalway Corporate Business Park
This comes after the company’s site, Claregalway Corporate Business Park, reported a “major fire” caused by an exothermic chemical reaction in a container in which lithium batteries were being stored. The fire, which took three days to control, led to an evacuation of nearby business, like Xerotech, and schools, with five firefighters being hospitalised.
Consequences on Operations and Capital Raising
The company board management said in a statement that the incident would have direct consequences on the company’s ability to raise capital to continue operations.
The Liquidation Process and Next Steps for Xerotech
“The joint liquidators are commencing a process to seek out potential purchasers for the trade and other assets of Xerotech. The aim of this sales process will be to sell the trade and assets to secure the Xerotech business and to protect employment, if possible,” the liquidators said to SiliconRepublic.com.
Support from the European Investment Bank
The news comes a year after the company raised €30m from the European Investment Bank (EIB), as part of the EU fund’s support for the European Green Deal initiative.
