Reports are circulating this weekend that Castleblayney Mart in Co. Monaghan has gone into receivership in recent days.
AgriLand understands that a sale scheduled to take place last Friday, March 23, did not go ahead.
A number of sources have confirmed the development to this publication. Attempts to directly contact mart management this weekend have been unsuccessful.
Further details are expected to emerge in the coming days.
Castleblayney Mart was established in 1963 by Edward Paul Nugent.
Machinery auctions are held periodically at the mart, the website states.
‘Spiralling’ insurance costs
Separately, concerns over increasing insurance costs at marts were raised at a recent meeting between a delegation from the Irish Co-operative Organisation Society (ICOS) National Marts Committee and the Minister of State at the Department of Finance and the Department of Public Expenditure and Reform, Michael D’Arcy.
Last week, it was reported that one of the key issues raised by the delegation was the need for Government intervention on the issue.
Also Read: ‘Spiralling’ insurance costs prompts mart leaders to meet with ministerThe ICOS delegation was made up of the chairman of the National Marts Committee, Michael Spellman, as well as: Brendan Egan, general manager of Castlerea Mart; Ray Doyle, ICOS National Marts executive; and Michael Fitzmaurice, independent TD for Roscommon-Galway.
Commenting on the situation, Spellman said: “The cost of insurance for marts has more than doubled in the past 18 months; but, there hasn’t been any parallel increase in incidents or claims from the marts.
The marts have become an unwitting victim of ‘risk profiling’ by the insurance industry; which is seeking to minimise its exposure and spread its costs across multiple sectors of the economy.
“Reducing risk is of course in everyone’s interests – one accident or injury is one too many – but, we don’t see any legitimate basis for the scale of costs now being heaped onto the marts sector.”
The delegation reportedly shared with the minister specific details of marts where insurance costs have increased inordinately – despite risk reduction measures also being implemented.
“This is now having a specifically damaging effect on smaller marts who simply cannot afford any increase in operating costs to the extent that is being levied.
“We need the Government to protect the marts sector and SMEs in general from the unsustainable costs that are being demanded,” Spellman said.