The Irish Co-Operative Society (ICOS) is calling for safeguards to be put in place to prevent a similar reoccurrence of the recent receivership of TLT International, one of Ireland’s largest exporter of cattle.
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.
Mullingar-based TLT, owned by the Garavelli family, went into receivership last week when its main banker HSBC pulled the plug on credit to the company. Grant Thornton’s Gearoid Costelloe was appointed receiver to the business.
Speaking to AgriLand this week, IFA president John Byran said there was a substantial amount of money owed to individual farmers and more than 30 marts across the country.
Following a meeting of more than 100 farmers in Athlone, ICOS mart chairman Michael Spellman stressed that, in his opinion, it was not yet known the definite number of marts affected, but said marts on the western seaboard and the midlands were more exposed by the very nature of where TLT did business.
Speaking to AgriLand, he implored farmers to have confidence in buying and selling at the start of sales over the weekend. “It is business as usual,” he said. “Farmers need not fear. There is demand for stock out there.”
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 Grant Thornton will provide an update next week.
Store cattle penned in mart. Photo O’Gorman Photography