The liquidator of Eurosurgical Ltd, the hospital supplies company that featured in an RTÉ Investigations Unit programme broadcast in 2015, has sold subsidiary company Endosurgical (NI) Ltd to Hospital Services Ltd  (HSL).

George Maloney of RSM Ireland was appointed liquidator of Eurosurgical by the High Court on 25 May 2016.

HSL, established in 1962, supplies hospitals and clinics with a range of diagnostic equipment and consumables from gloves through to specialist keyhole surgery instruments.

Led by CEO Dominic Walsh, HSL was subject to an MBO in October 2015, supported by private equity investment management company, the Foresight Group, which invested £4.5m.

HSL said the purchase of Endosurgical will grow turnover from £10m to £18m per annum and increase its workforce from 33 employees in Northern Ireland, Ireland and Britain to 56.  In the short term the company will operate as Eurosurgical trading as HSL with all staff transferring to the new company.

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“Following our MBO last year, the Foresight Group has proven to be a supportive investor in our business,” said Walsh. “From the outset, we planned to develop the business significantly through strategic acquisitions and organic growth.

“We have a very clear vision for our business and this acquisition has provided us with an accelerated growth opportunity at exactly the right time.  Endosurgical is an excellent fit for us as it complements HSL’s existing portfolio.”

George Maloney commented: “We are delighted to have worked with the staff and HSL to bring it successfully through the sale process and to safeguard its operations in Dublin and Belfast for the future.”

Eurosurgical Ltd remains in liquidation and in a statement Maloney said he is progressing a comprehensive investigation into its former activities and operations.

Photo:  George Maloney (left) and Dominic Walsh. (Pic: Marc O'Sullivan)