16 Aug 2012
CAPPOQUIN ADMINISTRATOR MEETS POULTRY GROWERSPoultry
The Chicken growers supplying Cappoquin Poultry Products met with Mr. Paul Keely of Grant Thornton, who is a member of Mr. Michael McAteer’s team who has been appointed as administrator to the company in West Waterford. Mr. Keely agreed to address the growers in recognition of the important role that they play in securing the future of the company.
Mr Keely said that as the administrator was only in place for 24 hours, the process was at a very early stage and full detail on the economic position of the company was not fully established. The administrator Mr. McAteer is working on a plan to stabilise the business first and foremost.
Mr Keely told growers “the primary objective at this point is to re-establish control which has been helped by the assistance of the growers’ committee and other suppliers. This support means that the company can trade on a daily basis. The emphasis thereafter will move to producing proposals to creditors as to how the company could move forward. Such arrangements could potentially include agreements with suppliers to take less than they are owed, a potential sale or new investment coming into the company.”
Mr Ned Morrissey Chairman of the Cappoquin Growers Co-Op said “The co-op would like to see a serious buyer come forward to take over the company. The suppliers are owed very substantial money for chickens supplied to the company in recent months. Growers made every effort to save the business and preserve employment in the West Waterford/East Cork area.”