Marts move to reassure farmers over sales

Wednesday 13 November 2013 22.11
TLT International has been given hundreds of thousands of euro in credit at marts across Ireland
TLT International has been given hundreds of thousands of euro in credit at marts across Ireland

A number of livestock marts in the midlands and the west selling cattle to live exporter TLT have moved to distance themselves from reports of major losses and reassure farmers about the financial viability of their own sales.

Castlerea Mart in Co Roscommon said it was fully and properly resourced to meet its ongoing commitments.

The mart said it has €2m in reserve on its balance sheet and is trading successfully.

A number of other marts said they are also trading normally and have reassured farmers that all payments will be honoured despite the collapse of the TLT International.

The manager of Cootehill Mart in Co Cavan, Jimmy O'Reilly, said the Garavelli family, which owns TLT International, had honoured all payments for cattle bought at their mart.

Elphin Mart in Co Roscommon said it was unaffected and busier than ever.

A number of other marts said they were not prepared to comment on the effect of the receivership on their business. 

The receiver, Gearoid Costelloe from Grant Thornton, has confirmed that TLT International had been given hundreds of thousands of euro in credit by marts around Ireland and it is not yet clear how much money can be retrieved for the cattle bought at their sales by TLT.