According to a statement from the company, Vincent and Justin Carton, owners of Manor Farm, are planning to invest €25m in the business over the next five years, increasing processing capacity to 1.5m chickens per week.

Manor Farm currently processes around 900,000 chickens a week at its plant in Shercock, Co Cavan, making it the biggest poultry processor in the country.

As over 90% of the company’s inputs are sourced locally, the statement says the €25m represents "a significant investment in the local economy" and will generate employment in farming and manufacturing in Cavan and neighbouring counties.

Manor Farm currently employs 824 staff and contracts around 160 farmers, the majority of which are located in the northwest region. Company turnover in 2015 was €224m - 90% of which is spent in the 26 counties.

It is one of the oldest family companies in the country, dating all the way back to 1775.

Reaction

Nigel Renaghan, chair of the IFA poultry committee, has welcomed the investment, saying it represents a great opportunity for farmers.

"It's a great development and shows great confidence in the Irish poultry processing sector," he said. "It also represents a great opportunity for farmers who either want to expand their contracts with Manor Farm or who want to get into poultry processing for the first time."

However, Renaghan added a note of caution, saying he would advise farmers who are thinking about getting into poultry to do their research.

"Do your research, do your figures, and talk to other farmers who are in the poultry business and have expanded," he cautioned. "Like any other business, it's a great business to be in when you're doing well, but that doesn't mean it will work for everyone."

Poultry in Ireland

Some 70m chickens are produced annually in Ireland, as well as 4m turkeys and eggs from 2m hens.

While at the low end of the egg consumption scale, Irish consumers are the highest consumers of poultry meat in the EU.