TLT troubles are bad news for mart trade
The Irish cattle trade was left reeling this week following the news that TLT had gone into receivership.
TLT International, owned by Paolo and Davide Garavelli, was among the biggest operators in the Irish live shipping business.
While exporting top class weanlings to Italy was their primary business, the Garavellis also moved significant numbers of store cattle and sheep.
Their exit from the trade, and the manner in which it has happened, is both sad and worrying.
It is never nice to see a business fail and the Garavellis have been frank and open about their difficulties.
However, this will be of little solace to the creditors of the business, which are primarily the country's farmer-owned and private marts.
The extent of the losses is as yet unclear and the receiver, Gearoid Costelloe of Grant Thornton, has been tight-lipped on the level of the company's losses but they are feared to be substantial.
It has been suggested that marts account for up to 18 of the top 20 TLT creditors, with some in the midlands, west and southwest reported to have significant exposure to the business.