asked the Minister for Industry, Trade, Commerce and Tourism the amount of money invested by the IDA in the Realta Quilts project, Gorey, County Wexford; and if he will make a statement on the matter.
Written Answers. - Gorey (Wexford) Company.
610.
The IDA has paid £34,483 in capital grants to Realta Quilts Limited and has made payments of £513,000 in respect of loan guarantees for the company.
The company commenced production on a small scale late in 1983, but soon encountered design problems and market resistence. A number of efforts to stabilise the project by refinancing were attempted but these were not successful. Consequently it was found necessary to appoint a receiver to the company in July 1984. The receiver's report is still awaited.
The IDA is currently at an advanced stage of negotiations with another company regarding a takeover of the operations of Realta Quilts Limited. This company have commenced manufacturing on a pilot basis at the Gorey plant.