Cully & Sully sold to US buyer - A Good or a Bad thing?


Spanner Island

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Cully & Sully has been sold to a US buyer...

Cully & Sully sold to US buyer - The Irish Times - Fri, May 04, 2012

Well done and good luck to them - but do you think this is a good or a bad thing?

There are plenty of benefits stated in the link but all I see is another successful indigenous company hoovered up by another foreign/multinational which may well see employment maintained and possibly even grow here, but will also mean profits being repatriated elsewhere.

Does this country have a future if successful indigenous companies are constantly taken over by major multinationals?

I don't think it does and I'd like to see any state investment in any company given in return for equity so that at least when these sell offs happen the state benefits.
 

slippy wicket

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Fair fecks to them I say. As long as they keep making that yummy mushroom soup I dont care one way or the other.
 

Phil Maker

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bad

another sell out

typical Irish stunt, same as Cooley

I will buy their stuff no more
 

nonpartyboy

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bad

another sell out

typical Irish stunt, same as Cooley

I will buy their stuff no more
Seems to be the way with irish companies alright, get them up and running then try to hive them off to some multinational and cash in.
 

Analyzer

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You might have left out the important bit....

Seems to be the way with irish companies alright, get them up and running
BY MEANS OF GRANT AID FROM THE TAXPAYER
then try to hive them off to some multinational and cash in.
 

Phil Maker

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You might have left out the important bit....


BY MEANS OF GRANT AID FROM THE TAXPAYER
+ fawning of the compliant Irish Media
 

Tom245

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Obviously the advantages are increased investment and through that access to more markets. Why we can't identify and support these indigenous companies is the real question. The state agencies should be doing everything they can to ensure that companies such as this can get the investment they need so they don't feel they have to sell out to multinationals
 

Analyzer

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This is bad news folks.

Meehaul mentioned "cully and sully" in one of his TV debates with Inda and Gimmemore.

He will not be able to do it again. He was grasping at straws. Now, he won't even have straws to grasp anymore....

Who will he use next ?
 
G

Gimpanzee

WTF is with the criticism and moralising? The boys done good, set up a company and have sold it on. End of story.
 

Phil Maker

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How much did Enterprise Ireland spend grooming and presenting these guys?

http://www.agservicesgroup.com/RoleModelPDFs/Colum_Case.pdf

How much did that 1 document cost?

Its a bit like how the Central Bank green lighted Anglo

EI green lighted, marketed and spot lighted these guys.

What pay back for the tax payer?
 

filter

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bad

another sell out

typical Irish stunt, same as Cooley
Oh no it's not!
An Irish company can only grow so much ie dependent on a fragment of the 4+ million population; the profits derived from this fragment; the high cost expenditure etc.

Our indigenous companies (like Cully & Sully) do not have the huge finances needed to expand overseas.
It is therefore a great consolation that these companies are bought out, by international players, who recognise their quality, commitment and expertise.

This helps our companies to get global recognition....which reflects well on the country.

All good news, I say......the Cully & Sully Tomato & Coriander is mmmmmmm !!!
 

Phil Maker

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Oh no it's not!
An Irish company can only grow so much ie dependent on a fragment of the 4+ million population; the profits derived from this fragment; the high cost expenditure etc.

Our indigenous companies (like Cully & Sully) do not have the huge finances needed to expand overseas.
It is therefore a great consolation that these companies are bought out, by international players, who recognise their quality, commitment and expertise.

This helps our companies to get global recognition....which reflects well on the country.

All good news, I say......the Cully & Sully Tomato & Coriander is mmmmmmm !!!
Tell that to Kerry, Glanbia etc, they took the LONG, SLOW ROAD, not the quick buck SELL OUT like Cully and Sully

Will the various Enterprise Boards be recouping the ACTUAL cost of their investments and expenditure? I want to know.
 

Spanner Island

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WTF is with the criticism and moralising? The boys done good, set up a company and have sold it on. End of story.
I've no problem with them selling and making a killing if they want to. Good luck to them.

I would like to see more done to help keep successful indigenous companies in Ireland though.

I'd also like to see any companies which receive state grants, aid or whatever having to provide a share of their company in return for that investment - so that if/when a sell off occurs that at least the state gets some pay back or even some profit.

It wouldn't have to be a massive share and for its part, the 'state' could commit to being a non interfering silent partner.
 

Rebel_Yell

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WTF is with the criticism and moralising? The boys done good, set up a company and have sold it on. End of story.
Generally I would agree with you. I find it hard to like these two though. Rich kids from the Ballimaloe stock took advantage of the family connections to create a company. For the most part, none of the manufacturing was Irish-based.

I wish them well, but it's not a genuine boys done good story.
 

Spanner Island

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Generally I would agree with you. I find it hard to like these two though. Rich kids from the Ballimaloe stock took advantage of the family connections to create a company. For the most part, none of the manufacturing was Irish-based.

I wish them well, but it's not a genuine boys done good story.
It's what this represents that bothers me as opposed to their background.

The same thing was happening 10-15 years ago in the tech sector with Baltimore and Iona etc. And no doubt it will happen again which is depressing.

Because if this keeps happening then we'll never develop another Guinness or anything else - which even though it is now owned by Diageo, is associated with Ireland because of its long association with Dublin in particular.

Cully & Sully is exactly what we should be doing in this country - high end high margin ready foods. Better to do this than export on the hoof, have that produce processed elsewhere and then re-imported as Marks & Spencer ready meals with all the mark up going abroad etc.

But if the precedent is to simply bring companies to a certain level or size and then flog them off, then Ireland is doomed to being overly FDI dependent and never getting beyond that.
 
G

Gimpanzee

Generally I would agree with you. I find it hard to like these two though. Rich kids from the Ballimaloe stock took advantage of the family connections to create a company. For the most part, none of the manufacturing was Irish-based.

I wish them well, but it's not a genuine boys done good story.
I don't like their products and I'm not too keen on the Ballymaloery either, but I can't find any reason to begrudge them their success in growing a company to the point where it becomes an attractive acquisition for a bigger company.
 

deepness

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Fair play to them imo. They dont have a strong enough brand yet imo, to lmake a real dent by themselves in the UK or beyond.
Just dont change the chicken and veg soup..my winter warmer.
 

Phil Maker

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I don't like their products and I'm not too keen on the Ballymaloery either, but I can't find any reason to begrudge them their success in growing a company to the point where it becomes an attractive acquisition for a bigger company.
care to address tax payer funding of EI who consistently championed these guys, the compliant media that took the EI copy and ran with it?

how much have these guys cost the taxpayer? remember when they launched first the actual soup was made in France!!!

what have EI and other boards spent on this company? what level of grants / loans or otherwise ?
 
G

Gimpanzee

It's what this represents that bothers me as opposed to their background.

The same thing was happening 10-15 years ago in the tech sector with Baltimore and Iona etc. And no doubt it will happen again which is depressing.

Because if this keeps happening then we'll never develop another Guinness or anything else - which even though it is now owned by Diageo, is associated with Ireland because of its long association with Dublin in particular.

Cully & Sully is exactly what we should be doing in this country - high end high margin ready foods. Better to do this than export on the hoof, have that produce processed elsewhere and then re-imported as Marks & Spencer ready meals with all the mark up going abroad etc.

But if the precedent is to simply bring companies to a certain level or size and then flog them off, then Ireland is doomed to being overly FDI dependent and never getting beyond that.
Furriners stealing our indigineous industries? What sort of DeValera era, dancing at the crossroads economic mumbo-jumbo is that?
 
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