Majórica, Mallorca. archive photo. | M.N.

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Orquídea pearl company Director, Alberto Forgas, has made a last minute bid to take over Majórica and keep production in Mallorca.

”We can guarantee that Majórica will stay on the island,” said Forgas.

Cas Germans has offered 7.88 million euros and pledged to keep 148 of the 277 workers, but the Insolvency Administrator favours French company, Majoperla who offered 9.7 million euros, which comes with more layoffs.

The judge's insolvency ruling is scheduled to take place this week, which has prompted Forgas to break his silence.

"Our offer pivots on five axes and the main one is to keep the company in Mallorca, because the main risk of foreign investment is relocation and on top of that we will keep 145 employees, which is 54% of the workforce,” adds Forgas.

"Our commitment is to take workers back on when the company expands,” adds Forgas. ”Our two companies have a very similar production process, fights for the same markets and our facilities and knowledge are compatible and mutually beneficial.”

"Combining Orquídea and Majórica would create a strong, important group and provide job stability," stresses Forgas.

Cas Germans will provide the necessary financing to ensure future viability for its business plan.

"The initial funding is two million euros, but it won’t end there," claims Forgas, who admits that the Cas Germans' offer is the most balanced because it put forward the third highest amount of money, will maintain the second highest number of employees and has experience in the pearl jewellery Sector.

The Cas Germans offer was submitted to the judicial process on Monday and a decision will be announced later this week.