The chances of marts getting paid in the receivership of livestock exporter TLT International are getting slimmer by the day, ICOS, the umbrella group for co-operative marts has acknowledged. The State's largest livestock exporter, based in Mullingar, went into receivership earlier this month after HSBC pulled its credit lines from the business. It owes between €3 million and €4 million to about 25 marts and more than a dozen farmers.
ICOS marts committee secretary Ray Doyle said it was unfortunate that it was taking so long to get clarity on the situation. Asked if he thought marts would get any money back he said: "I think at this stage it's looking highly negative in that regard," but added that this would not be known until the receiver Gearóid Costelloe of Grant Thornton had completed his deliberations.
Yesterday Mr Costelloe expressed concern about the level of co-operation he was getting but Mr Doyle said the marts he was working with were co-operating fully “because they see him as being the only recourse they have to possibly recovering any or all of their money”.
Asked if some marts could go out of business because of the receivership, Mr Doyle said he was confident no ICOS mart would go to the wall.
Some 12 of the 25 marts are ICOS members. “Even if some of the smaller centres are in trouble, I would be hopeful that the sector is well financed to be able to subsume the losses and keep the centre going.”
Minister for Agriculture Simon Coveney said his hands were tied on the issue."It's not really the job of a minister to interfere with that work. I will be in contact, and have been in contact, with the receiver to understand how that process is going but people should not be drawing unnecessary conclusions from this," he said. They were speaking at ICOS's annual conference in Portlaoise.
