Businesses Affected By Irish Pride Receivership To Receive Compensation
Irish trade credit insurer Atradius is to pay 'pay millions of Euro in claims' to businesses affected by the recent receivership of Irish Pride.
“We are able to confirm that we will be supporting claims to the value of several million euro in the wake of the Irish Pride receivership, and are proud of our role supporting Irish businesses and protecting them from what would otherwise have been a substantial financial loss," commented Tony Gordon, head of risk at Atradius Ireland.
"In our role as trade credit insurer, we have negotiated with receivers to achieve the best possible outcome for our policyholders. The claims we will now pay will support those businesses through a difficult period and will help secure the employment in those companies which might otherwise have been lost.”
One firm that has benefited from the payout is McCambridge Limited, a supplier to Irish Pride for 21 years. According to managing director Michael McCambridge, the bread firm had 'no warning' that the receivership was looming.
“Everything was going as planned and there were no issues. It really was business as usual. Then we heard a rumour that there may be difficulties and the following day we learned about the receivership. At this point it was too late to take any action."
© 2015 - Checkout Magazine by Jenny Whelan.