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As was exclusively revealed on farmersjournal.ie on Monday, Carnaross Mart is on the cusp of being sold.
James Mallon is understood to have entered exclusive negotiations to agree a deal which will see him take ownership of the Meath mart, one of the biggest of its type in the country.
The mart has been owned by Dublin-based auctioneering company Gunnes for over 30 years.
Mallon is the man behind the successful Viastar livestock exporting company but the Irish Farmers Journal understands he intends to keep the two businesses separate.
Listen to "Sale of Carnaross Mart: Reaction" on Spreaker.
Throughput
Carnaross has a throughput of 50,000 cattle and 35,000 sheep each year, making it one of the country’s top five marts. It is understood Mallon intends on keeping the mart business operational in its current form.
However, concerns have been raised locally that the mart would be used exclusively as a lairage for Mallon’s livestock export business.
What remains to be seen, however, is the future of the existing 40-strong staff in the mart. Some staff members have served as many as 30 to 40 years at the mart.
The price that will change hands between Mallon and Gunnes is not yet clear.
The Irish Farmers Journal understands that a valuation of between €1.1m and €1.8m had been placed on the mart. There are a number of other businesses paying rent at the site, including an FBD office, retail outlets and a restaurant. The mart also has an export licence.
Marts of a similar size to Caranross could turnover as much as €30m per year with a net profit of €100,000.
The sale of a mart is very rare. Of the 88 marts in Ireland, nearly 70 are owned by farmer co-ops.
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