The Musgrave Group has set up a ten million euro fund to help cover losses experienced by some Superquinn suppliers since the supermarket went into receivership.
The ten million euro fund will be administered by the joint receivers of Superquinn, and will made up of a financial commitment from Musgrave and from monies generated during the course of the receivership.
It’s expected that the fund will enable suppliers not covered by credit insurance to recoup between 65 and 70 per cent of their losses.
Payments of the fund will only begin once the purchase of Superquinn by Musgraves is approved by the Competition Authority.
The Irish Farmers Association has welcomed the move by Musgrave to set up a fund, and said it could be difference between viability and bankruptcy for many suppliers.
