In a letter to suppliers, LacPatrick chairman Andrew McConkey said that “we cannot put an exact timeframe on how long this will take but we do not expect the process to be drawn-out.”

The board of Lac Patrick met last Tuesday to formalise the process over the next period of time.

A project team has been put in place. The team is led by LacPatrick chair Andrew McConkey, with vice-chairmen Keith Agnew and Robert Skelton, as well as Alan McCay from the board, with support from Michael Collins and Patrick Donohoe. Diarmaid Kilduff is offering consultancy support on operational issues.

“The board has a critical role in this process. This project team is tasked with gathering information and it will then bring it back to the board for discussion,” the letter to suppliers reads. “The ultimate decision on the future of LacPatrick lies with the LacPatrick shareholders. Nothing can be agreed without the shareholders agreeing to it.”

Co-ops declare interest in LacPatrick

LacPatrick uncertainty - putting a value on your co-op

'We cannot put an exact timeframe on how long this will take' - LacPatrick

Despite a number of companies publicly declaring their interest in negotiating with LacPatrick, no discussions have taken place, according to its chair Andrew McConkey.