Staff at Capacent Iceland intend to buy out their troubled employer

The staff at Capacent Iceland – the Icelandic branch of the Nordic research, recruitment and consulting company – are clubbing together to buy the firm following its financial troubles.

Staff members are clubbing together to raise tens of millions of kronur to buy the operations of their troubled employer after the old company failed to stand up to a ISK 700 million foreign currency loan it took out in the years before the economic crisis.

Capacent has been in talks with creditors for 18 months; but the discussions recently broke down without resolution. Ingvi Thor Ellidason, President of Capacent Iceland, told RUV that his staff have decided to take matters into their own hands to save their jobs.

All staff members – some 100 in all – will be invited to take part in the creation of a new company intended to take Capacent on. The new company will buy Capacent’s franchise, property and its commitments to staff and customers; but the loan will not be taken on by the new company – that will remain with the bankrupt estate of the old business.