A business consortium backed by Wexford-based Bert Allen has completed the acquisition of the old Irish Fertiliser Industries (IFI) site at Marino Port, near Cobh, Co Cork, for an undisclosed sum. The consortium that bought the well-known site is a joint venture between the Port of Cork and Lanber Holdings, the business owned by Bert Allen, who recently sold his 50% stake in Slaney Meats to Larry Goodman’s ABP.

Under the terms of the joint venture to redevelop the long-idle IFI site, Bert Allen’s Lanber Holdings will be the 60% majority shareholder in the business, with Port of Cork controlling the remaining 40%.

We will begin handling bulk cargo material, such as imports of animal feed and fertiliser

Speaking to the Irish Farmers Journal, Port of Cork chief executive Brendan Keating said the consortium has been actively interested in buying the site for about four years or so.

“We’ve completed the deal for the old IFI site at Marino Point and most likely we will begin handling bulk cargo material, such as imports of animal feed and fertiliser,” said Keating, who added that he didn’t envisage the site being used as a container terminal.

Rail link

Keating added that the rail link at the IFI site onto the Cork to Cobh rail line was the “key consideration” when they were looking at buying the property.

“The rail link was essential for us when it came to buying the IFI site. But the port also has very attractive berthage for ships coming in,” said Keating. The Port of Cork boss added that the plan to revive the site had already generated a number of enquiries from businesses and that every commercial opportunity for the IFI site would be explored.

While no sale price has been disclosed for the 114-acre site, a figure in the region of €5m to €10m is understood to have been paid. The site was bought off receiver David Hughes, on behalf of NAMA.

Fertiliser prices

The plant at Marino Point was originally opened in 1979 by Nitrigin Éireann Teoranta, the state-owned fertiliser company. This business eventually became IFI, after a new joint venture was created between the Irish state and the British fertiliser giant Imperial Chemical Industries (ICI) in 1987.

However, the plant was mothballed in 2002 with the loss of more than 200 jobs, as low fertiliser prices made it cheaper to import bulk fertiliser than manufacture it here in Ireland. The site has lain idle since, but now looks set for a new lease of life with its new owners.