VENLO, APRIL 17, 2013 – Monaghan Mushrooms has reached a definite agreement with the executor of the Limburg mushroom company Prime Champ, about the take-over of Prime Champ from bankruptcy. Most of the approximately 700 employees will keep their jobs as a result.
The Prime Champ Group has been struggling financially for years, and during recent months came into disrepute due to an investigation by the Dutch public prosecutor about possible mismanagement.
The Prime Champ Group was declared bankrupt on April 15th by the Dutch court in Den Bosch. This past Tuesday at midnight, Monaghan Mushrooms took over control of all operations at Prime Champ. Under the definite agreement that was reached today, Monaghan Mushrooms will formally take over the entire Prime Champ Group from bankruptcy.
The Dutch entity will continue under the name Monaghan Champignons, and the German entities will continue under the name Monaghan Pilze, both falling under the direct management of Monaghan Mushrooms CEO Ronnie Wilson. Former Prime Champ director Geert Verdellen will become a consultant at the Monaghan Mushrooms Group. The take over will result in the retention of 678 full time employees.
All employees that were retained received new employment contracts which fully comply with existing rules and regulations. Financial details concerning the take over will not be disclosed.
