One of Ireland’s largest poultry processors, Cappoquin Poultry and related company Cappoquin Poultry Holdings, have been placed in administration with debts of €6m, raising fears over the future of its growers.
The largest creditors, feed suppliers Henry Good, from Kinsale, petitioned for the move, after Cappoquin racked up credit of €3.9m.
CPL employs more than 130 people at its factory in Waterford and the local community is dependant on the company for employment.
It is not the first time the company has been in trouble. The company went into liquidation in 2008, but it was rescued by Derby Poultry.
It is believed the rise of input costs and cheaper imports is to blame for the company’s situation.
Irish Farmers’ Association national poultry committee chairman Alo Mohan said: “The vast majority of chicken bought at catering level in hotels and restaurants is imported.
“The fact remains, if Irish consumers want to ensure the future of the Irish chicken industry, they must query the origin of chicken, especially fillets, everywhere, but particularly in restaurants and butchers.”
The Republic of Ireland’s High Court has now appointed Grant Thornton to deal with its debts.
The company will operate for 100 days while the Thornton’s Michael McAteer assesses the future viability of the business.
Ailing Irish processor acquired by Derby Poultry