Marts merger talks at advanced stage
It has been confirmed that the boards of Nenagh Co-op Mart and Birr Co-op Mart have approved the Irish Co-operative Organisation Society proposals for the formation of the new regional society which is to be known as Central Auction Services Co-operative Society Ltd. into which the Roscrea Mart, which is part of the Glanbia plc Group will be transferred.
Martin Varley, Director of Policy Development, ICOS said, “The strategy of the Central Auctions will be to operate the three marts with a consolidated management and staff structure and to strengthen livestock marketing in the three catchment areas.”
The chairmen of the three marts, John O’Brien, Nenagh, Des Dempsey, Birr, and Ray Dempsey, Roscrea, have confirmed that the core business of Central Auctions going forward will be the auction selling of livestock and diversification will be examined for potential development in other areas in the future.
Shareholder meetings to approve the proposal will be held at Nenagh and Birr on Monday, November 8, and if the merger plans are approved at these meetings, Roscrea Mart will be transferred from Glanbia to the new society.
The proposal has been welcomed by Glanbia chairman Tom O’Corcoran who stated that Glanbia is pleased to facilitate the sale of the Roscrea Mart assets to the new co-op as the new structure will be an important factor in reinforcing livestock marketing within the region.
Shares in the new co-op will be issued to patrons of Roscrea Mart on completion of the consolidation.
