Liam Gilmore, a farmer from Ardee, Co Louth, has expressed upset regarding the recent agreed sale of his 135ac family farm to Braganstown Farms Unlimited, of which Laurence Goodman Jr is a director, by Promontoria, a subsidiary of the so-called vulture fund Cerberus. “I was contacted by a third party who told me that the farm had been sold to a company of which Laurence Goodman Jr was a director,” Gilmore said. “I went over to Goodmans’ farm in Braganstown, and arranged to meet Goodman Jr.
Liam Gilmore, a farmer from Ardee, Co Louth, has expressed upset regarding the recent agreed sale of his 135ac family farm to Braganstown Farms Unlimited, of which Laurence Goodman Jr is a director, by Promontoria, a subsidiary of the so-called vulture fund Cerberus.
“I was contacted by a third party who told me that the farm had been sold to a company of which Laurence Goodman Jr was a director,” Gilmore said. “I went over to Goodmans’ farm in Braganstown, and arranged to meet Goodman Jr.
Gilmore says that shortly after that meeting, gates on the farm were locked and a camera system was installed.
In a solicitor’s letter dated 19 April 2018, seen by the Irish Farmers Journal, Braganstown Farms Unlimited, whose directors include Laurence P Goodman and Laurence J Goodman, states it has purchased assets of Liam Gilmore from the receiver.
Milk price fall
In 2008, Gilmore made significant investments in his dairy farm, but the sudden drop in milk price in 2009 meant that his loan with Ulster Bank fell into arrears, and Ulster Bank sold the loan to the US vulture fund Cerberus.
Documents seen by the Irish Farmers Journal show attempts by Gilmore to reach a deal on his debt with Ulster Bank and Cerberus, through their agent Capita.
“Capita were quite aggressive in the meeting and refused to do a deal on the debt. When I was offering them €1m they said the debt was worth €1.4m plus rolling interest per day.”
Deloitte were appointed as receivers in 2016, and Gilmore says he again attempted to make a deal with them.
Interested buyers
“I had a customer interested in buying part of the farm, and I got a letter of promise for €1.2m to cover the loan, but Deloitte wouldn’t answer or return my calls.
“The farm was sitting there for a year and half, and then I was contacted by a third party to say it had been sold.
“The biggest thing is that my three sons have taken it very bad. It’s a family farm that’s been in the family for generations and all the boys have a love for the farm.”
Read more
IFA stands against forced farm sales
Vulture claw-hold in Irish farming
Vulture funds ramp up repossession threats
This is a subscriber-only article
SHARING OPTIONS: