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27/07/2011
Fund For NI Superquinn Suppliers Revealed
Local suppliers to a major Irish supermarket chain have enjoyed high-level support from a Stormont Executive Minister.
This afternoon, the NI Economy Minister Arlene Foster welcomed the creation of a €10m fund to pay suppliers to the bankrupt Irish supermarket group Superquinn.
She was speaking after the chain collapsed a week ago and was put into receivership.
About 15 companies in Northern Ireland, collectively owed an estimated £5m, had expressed fears they might never get paid.
Musgrave, the Cork-based company which plans to buy Superquinn, has now said it had created special fund to help pay Superquinn's suppliers.
Minister Arlene Foster originally requested an urgent meeting with the Musgrave Group to discuss the impact of its proposed acquisition of Superquinn on the Northern Ireland supply chain.
Superquinn, a major Republic of Ireland owned supermarket chain, had a long history of sourcing produce from Northern Ireland suppliers.
It was announced last week that the bankrupt business had been purchased by the Musgrave Group, subject to the approval of The Competition Authority in Ireland.
The DUP's Arlene Foster (pictured) said: "Many local companies had forged a strong and productive relationship with Superquinn over several years, becoming a key part of the retailer's supply chain.
"I understand that as a result of the acquisition a number of Northern Ireland companies are now unlikely to receive full payment for goods provided over the past 90 days," she warned.
"To help minimise any such losses, I urged Musgrave to maintain relationships with Northern Ireland suppliers and further explore the wide range of high quality, award winning produce available here," she continued.
"Musgrave already operates a range of successful retail brands, including SuperValu, Centra and Daybreak in Northern Ireland and the Republic of Ireland, Budgens and Londis in GB, and Dialprix in Spain.
"The Superquinn acquisition will see Musgrave increase its market share in the Republic of Ireland," she insisted.
"To ensure that our food and drink processing companies can become part of this highly lucrative supply chain, I have requested that Invest Northern Ireland further increases its engagement with the Musgrave Group so that it can fully assist local companies who are seeking to advance trading opportunities across the Musgrave portfolio."
The Minister added: 'The food and drink sector is one of our most successful and productive manufacturing industries so it is important that all efforts are made to sustain its future growth and success."
(BMcC/KMcA)
This afternoon, the NI Economy Minister Arlene Foster welcomed the creation of a €10m fund to pay suppliers to the bankrupt Irish supermarket group Superquinn.
She was speaking after the chain collapsed a week ago and was put into receivership.
About 15 companies in Northern Ireland, collectively owed an estimated £5m, had expressed fears they might never get paid.
Musgrave, the Cork-based company which plans to buy Superquinn, has now said it had created special fund to help pay Superquinn's suppliers.
Minister Arlene Foster originally requested an urgent meeting with the Musgrave Group to discuss the impact of its proposed acquisition of Superquinn on the Northern Ireland supply chain.
Superquinn, a major Republic of Ireland owned supermarket chain, had a long history of sourcing produce from Northern Ireland suppliers.
It was announced last week that the bankrupt business had been purchased by the Musgrave Group, subject to the approval of The Competition Authority in Ireland.
The DUP's Arlene Foster (pictured) said: "Many local companies had forged a strong and productive relationship with Superquinn over several years, becoming a key part of the retailer's supply chain.
"I understand that as a result of the acquisition a number of Northern Ireland companies are now unlikely to receive full payment for goods provided over the past 90 days," she warned.
"To help minimise any such losses, I urged Musgrave to maintain relationships with Northern Ireland suppliers and further explore the wide range of high quality, award winning produce available here," she continued.
"Musgrave already operates a range of successful retail brands, including SuperValu, Centra and Daybreak in Northern Ireland and the Republic of Ireland, Budgens and Londis in GB, and Dialprix in Spain.
"The Superquinn acquisition will see Musgrave increase its market share in the Republic of Ireland," she insisted.
"To ensure that our food and drink processing companies can become part of this highly lucrative supply chain, I have requested that Invest Northern Ireland further increases its engagement with the Musgrave Group so that it can fully assist local companies who are seeking to advance trading opportunities across the Musgrave portfolio."
The Minister added: 'The food and drink sector is one of our most successful and productive manufacturing industries so it is important that all efforts are made to sustain its future growth and success."
(BMcC/KMcA)
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