Mountrath mart is to close with immediate effect after 51 years, following a unanimous decision of the Mountrath Co-op Livestock Sales committee.

The committee reassured all farmer shareholders, customers and suppliers that the society remains solvent. All cheques have been issued for livestock traded through the mart, with adequate funds to clear all.

“Changing farm practices have resulted in a reduction in the amount of animals being traded through the mart. This, coupled with rising insurance premiums, regulatory requirements and general cost increases have forced the committee to make this regrettable decision,” spokesman Ger Phelan said.

The mart celebrated 50 years in business last year and hosted a well-attended annual E and U grade weanling sale.