Bank shells out €2m on egg facility

Ulster Bank has placed €2m worth of eggs into one basket, in the hope that laying hens can hatch a return.

Annalitten Farm Eggs, a commercial egg production partnership, was the beneficiary of the investment which will be used to build production facilities.

Up to 80,000 hens will come home to roost in the facility, which will comply with new regulations set by the European directive for egg producers.

Michael O’Reilly of Annalitten Farm Eggs, said: “Despite the ongoing economic constraints, the demand for eggs has grown. Eggs are a relatively low-cost source of protein and this has increased the demand relative to other protein food sources. As a result, we have seen growth in the domestic market and growth in our business.”

A report by the Irish Egg Association warned the price of eggs is set to increase across the EU. On the continent, egg prices have increased by 40% and Ireland has seen a 5% jump.

The EU welfare of laying hens directive is being blamed for the rise, as it has banned traditional hen production and reduced the flock of laying hens in Europe.

Managing director of Ulster Bank corporate markets, David Thomas, said: “Annalitten Farm Eggs is an extremely impressive business which has managed to successfully adapt to the regulations and guidelines set by industry specialists.”