Well-known Co Cork millers Henry Good & Company has gone into receivership, it has been confirmed.
The business was dealt a severe blow last summer when an interim examiner was appointed to Cappoquin Poultry, who owed them almost €4m.
In a statement issued today, the company announced the appointment of Kieran Wallace & David Swinburne of KPMG as joint receivers.
The directors and receivers are said to be confident that a buyer will be found for the business, which employs 50 people directly.
The company will continue to trade on a "business as usual" basis until Henry Good Ltd is sold as a going concern.
It is understood there are already a number of interested parties and that the receivers are keen that the business will be sold on as quickly as possible.
Mayor of Kinsale Councillor Billy Lynch said the town is in shock at the news.
He said the company is very important to Kinsale and that he hoped a buyer would be found as soon as possible to secure its future.