Mr. Brian Kealy:

The company had been operating in Waterford for approximately ten years and had trained many people. In the prior year, the last set of accounts for the company would have shown a deficit. At the same time, it had made a profit. At the time we made a decision, the prior year's accounts were not available because they did not become available until autumn 2011. It was quite slow about producing accounts. The company had been operating for about ten years. It seemed to have a good reputation in general from what people who had been trained at it said. The issue that it really ran into was that it started trying to change its strategy and tried to become something much bigger. In the process, it effectively wasted much money.