Irish poultry group Cappoquin Chickens has been sold to two private investors.

Following a period of negotiation, the deal for the poultry processing plant was today (7 October) confirmed by liquidator Aidan O'Connell of Deloitte.

The west Waterford plant was expected to be closing with the loss of around 200 jobs after the company went into administration at the end of August, revealing losses of EUR7m (US$9.98m).

Two private investors, Perwiaz Latif and Zahid Hussain, owners of Derby Poultry in the UK, have taken majority stakes in Cappoquin Poultry Ltd, the company formed for the purpose of the acquisition.

Paul O'Connor and Michael O'Connor Jr, members of the original family which
founded Cappoquin Chickens, have also taken minority stakes along with former financial officer, Tom Vaughan.

Cappoquin Poultry Ltd will focus on the production of Halal chicken, a sector in which Latif and Hussain have "considerable experience".

"The new structure will require a period of re-organisation, which will result in continued employment for the majority of the existing employees," added O'Connell.

"Cappoquin Poultry Limited will now engage in a period of gradual growth to re-establish market share. As part of this process, the company intends to source a new hatchery following the sale of the Cappoquin Chickens hatchery in recent weeks."