Farmers head to Athlone for TLT International update
Many farmers, farm organisations, including the Irish Farmers Association, the Irish Co-Operative Society and ICMSA members, and numerous marts across Ireland are heading to Athlone this evening to discuss the financial difficulties at TLT International, Ireland’s largest live exporter, who went into receivership late last week.
TLT International, which is owned by the Mullingar-based Garavelli family, went into receivership on Friday when its UK-based bank HSBC pulled its credit lines from the business.
HSBC appointed Gearoid Costelloe, a partner at Grant Thornton Limerick, as fixed charge and receiver manager over the assets of TLT on Friday. In a statement issued, Grant Thornton said “it will be working intensively over the coming days to establish the extent of the company’s liabilities”. It also said it is seeking a possible potential buyer for TLT International.
Many farm organisations have held meetings with the receiver Mr Costelloe this week and an update for farmers is expected tonight. AgriLand understands among the topics to be discussed at tonight’s meeting are the extent of the difficulties, outstanding payments to farmers and the issue of the retention of title for cattle that has not been exported outside Ireland.
Meanwhile, TLT director Paolo Garavellie has told AgriLand that he intends taking HSBC Bank to the High Court following the decision.
The meeting is scheduled for 8.30pm at the Sheraton Hotel in Athlone.
Pictured TLT International at Knockdrin, Mullingar, Co Westmeath on Monday/Photo Jeff Harvey