20 Jul 2011
BANKS HAVE SERIOUS QUESTIONS TO ANSWER AND MUST PAY SUPERQUINN SUPPLIERSUncategorized
At a meeting with the receivers to the Superquinn group today (Wed), IFA President John Bryan demanded that farmers and fresh produce suppliers who have traded in good faith with Superquinn could not be hung out to dry, and must be paid. He said there was deep suspicion among growers about the sudden way in which a ‘sweetheart’ deal had been done at the expense of hard-pressed suppliers.
Mr Bryan said, “It is obvious that genuine suppliers, many of them small operators whose businesses are in grave danger of going under, have been sacrificed to achieve a deal that allowed the sale of Superquinn. The three banks who colluded have serious questions to answer about how a deal was hatched to sell the business over recent months, while knowing well that suppliers were in the firing line.”
The receivers confirmed to IFA today that they have been engaged for a significant amount of time by the banks in relation to this matter. John Bryan said, “The banks allowed Superquinn to continue to accept supplies on credit while negotiating a rescue package, and then used an arm of the law to effectively rob suppliers to maximise the benefits of the deal for themselves.”
The IFA President challenged the banks to come clean on this issue and said “at a minimum, suppliers would have to be paid from the date the banks came together to initiate this process.”