Joint receivers have been appointed to Richard Keenan & Company Ltd (trading as Keenan System) today, Tuesday 12 April 2016.
Kieran Wallace and Cormac O’Connor of KPMG have been appointed as joint receivers after discussions with a potential investor for the business concluded unsuccessfully.
Agri Machinery News understands that the business will continue to trade under the receivership and that advanced discussions are underway to sell the business to Alltech.
Rumours surfaced over the weekend, with both the Irish Times and Irish Farmers Journal both correctly calling the interest of Alltech in the company, and that Keenan were seeking investment.
A statement from Alltech this afternoon confirmed that they are now in due diligence with the receivers to investigate a possible acquisition.