The well known animal feed company Henry Good, which was owed almost four million euro by the former owners of Cappoquin Poultry, has been placed in receivership.

The family owned company, based in Kinsale, was unable to sustain the business after the huge debt. That was acknowledged by receivers Kieran Wallace and David Swinburn of KPMG who said the directors of the company had attempted for months to restructure the business following difficulties with the huge debt owed to them by Cappoquin Poultry.

Henry Good sought in the High Court last year and was successful in having an interim examiner appointed to the poultry factory to which it had supplied feed for a long number of years. The poultry company had debts of €6m at the time. The examiner, Michael McAteer of Grant Thornton, agreed a deal whereby unsecured creditors wold be paid 2.5 cents in the euro. Henry Good was among the biggest unsecured creditors. The poultry company was subsequently bought out of examinership at the end of last year for a sum in the region of €900,000 by a consortium of growers and outside investors.

Around 50 people are employed in Henry Good which has been in operation for 86 years. It will continue to trade while the receivers seek a buyer for it.