BusinessBusiness RecoveryNewcourt falls into receivership

Newcourt falls into receivership

Deloitte called in as receiver for Irish security and recruitment company

Irish security and recruitment firm Newcourt has gone into receivership
after failing to renegotiate its bank debt.

Newcourt employs more than 3,000 staff, and controls large subsidiaries such
as Federal Security Group, which employs a further 3,000 people.

Also affected are subsidiaries Acumen Facilities Management, Lenmac
Mechanical Services and the Sigmar recruitment companies.

AIM-listed Newcourt was founded in 2002 by the entrepreneurs Ted O’Neill and
Philip Sykes.

It was in breach of its banking covenants over its €36m debt owed to Bank of
Ireland.

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