Security and contract cleaning specialist Noonan yesterday almost doubled its size by buying rival, Resource Group, from receivers who were appointed to parts of the business 24 hours earlier.
Resource is an Irish- and British-based security and services operation once backed by Lioncourt Capital, the wound-down private equity fund run by Michael Tunney and David Andrews.
Noonan issued a statement yesterday confirming that it had bought Resource Group’s business and operations. It pledged that the deal would protect the jobs of over 6,000 of Resource’s employees while also ensuring continuity of service for its clients.
According to recent reports, the company had a debt of £12 million which was due for repayment at the end of June, the legacy of a £68 million liability due to the former Anglo Irish Bank, which it refinanced two years ago. A spokesman refused to give details of the company's current liabilities.
Kieran Wallace and Eamon Richardson of KPMG were appointed receivers to parts of its operations in the Republic around 24 hours before the deal was completed yesterday.
