Farmers meet over receivers at TLT

Marts owed hundreds of thousands

The company deals with about €30 million in livestock exports a year and was buying cattle in Ireland for sale into markets in Italy.

The company deals with about €30 million in livestock exports a year and was buying cattle in Ireland for sale into markets in Italy.

Wed, Nov 13, 2013, 01:00

Farmers from all over the country met in Athlone Co Westmeath last night to consider the fallout from the receivership of cattle exporting company TLT international.

Livestock marts around the country are owed hundreds of thousands of euro by TLT International, based near Mullingar Co Westmeath. Among the topics discussed last night were the extent of the difficulties posed by the receivership of the company and outstanding payments to farmers.

The company deals with about €30 million in livestock exports a year and was buying cattle in Ireland for sale into markets in Italy. Some 25 workers at the Westmeath company were made redundant yesterday and the full extent of the losses for farmers and marts could run to millions of euro.

TLT International, which is owned by the Mullingar-based Garavelli family, went into receivership on Friday when its UK-based bank HSBC pulled its credit lines from the business. HSBC appointed Gearoid Costelloe, a partner at Grant Thornton Limerick, as fixed charge and receiver manager over the assets of TLT on Friday.

Grant Thornton said “it will be working intensively over the coming days to establish the extent of the company’s liabilities”.

It also said it is seeking a possible potential buyer for TLT International.The receiver is contacting all of TLT’s creditors, farming organisations and suppliers of affected marts “to gain a full understanding of stakeholders’ positions”.