Three domestic, one foreign buyers eye TLT International
Three domestic buyers and one foreign party have expressed an interest in buying TLT International, one of Ireland’s largest exporters, which went into receivership last week, AgriLand understands.
Mullingar-based TLT International, owned by the Garavelli family, went into receivership recently when its main banker HSBC pulled the plug on credit to the company. Grant Thornton’s Gearoid Costelloe was appointed receiver to the business.
According to Grant Thornton, it is proactively contacting all Mullingar-based TLT’s creditors, farming organisations and suppliers of affected marts to gain a full understanding of all stakeholders’ positions.
AgriLand understands the receiver has been approached today by four companies who have expressed an interest in buying TLT, three domestic buyers and one foreign party.
It is also understood the banks, HSBC and AIB, are the senior creditors so their liabilities have precedence over those to others including farmers and marts. More than 30 marts and many individual farmers are owned a significant amount of money from TLT.
Meanwhile, the Irish Co-Operative Society (ICOS) is calling for safeguards to be put in place to prevent a similar reoccurrence of the receivership. It is set to meet with the Joint Oireachtas Committee on Agriculture and Food on Thursday of next week to discuss the matter in detail.
Pictured TLT International at Knockdrin, Mullingar, Co Westmeath on Monday/Photo Jeff Harvey