Bandon co-op buys Henry Good Ltd

The company was owed €3.7m by Cappoquin Poultry at the time of the receivership.

The assets, as opposed to the limited company, were acquired from the joint receivers, Kieran Wallace and David Swinburne of KPMG.

Bandon Co-op takes in some 10,000t of grain annually and while they have a coarse plant, they do not have a milling plant to generate cubes/compound feed.

The co-op sells over 30,000t of animal feed each year but has to purchase the cubes associated with compound feed sales.

Gus O’Brien, the co-op’s general manager, told the Irish Farmers Journal yesterday (Wednesday):“It is intended to resume grain intake and storage operations in the coming weeks, in time for the harvest.

RESUMPTION

“Traditionally, this is an important part of the agricultural infrastructure in the Cork and Munster region and we are pleased to be facilitating the resumption of operations on site.

“It represents an extension of the core business of the co-op and an expansion of our services to farmers”, he added.

Good’s plant was primarily geared towards generating poultry feed but is now likely to be brought up to a standard to mix ruminant feeds.

Ironically Cappoquinn Poultry which caused the original problems, has come through its examinership process while Henry Good Ltd now looks likely to be wound up.