Ulster Bank spurns €1m bid to save 160 Olhausen jobs – Ulster Bank turned down a €1m rescue offer for sausage-maker Olhausen a day before the business was shut down with all the jobs lost, the Irish Independent has learned. Receivers said last night that they had not been aware of the offer before they took the decision to shut Olhausen with the loss of 160 jobs. The offer, from turnaround specialist Michael Flacks, was rejected by Ulster Bank, which opted to appoint receivers to take control of the business late on Tuesday. News of the potential rescue, which might have saved the company and jobs in Dublin and Monaghan, is certain to provoke an outcry, not least among the devastated workers and suppliers who will suffer as a result of the closure. Mr Flacks told this newspaper that he had offered to take control of Olhausen with a €1m offer to buy €8m in loans held by Ulster Bank. He said he was stunned when he heard that Olhausen has ceased trading. “I don’t understand why they let a good business die,” he said. Mr Flacks said he would have invested a further €2.5m into the business, had he gained control of Olhausen. The company’s products and heritage made it a perfect fit for expansion into the US market as a specialist brand. The pork producer was a “gem in the making” he said. Born in Britain, Mr Flacks specialises in buying companies that are in financial difficulties. He bought the fashion chain A Wear earlier this year and was among the bidders circling the Clerys Department store before it was sold to a US investor last month.