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Goffs receives approval for sale of Arqana stake

IRISH sales company Goffs has received shareholder approval to sell a major part of its stake in itsFrench counterpart Arqana to help offset a pre-tax loss of €6.4 million.

The sale of a 26.67 per cent shareholding in Arqana to Grenfell Ltd – a company owned by the Aga Khan – for €7.5million in cash was unanimously approved at an extraordinary general meeting held on Friday.

Goffs chairman Eimear Mulhern told the company’s shareholders in the annual general meeting, held prior to the EGM, that Goffs will continue tohold a five per cent stake in Arqana and intends to work closely with the French auction house in coming years.

Mulhern delivered a rallying cry for breeders to support Goffs. She said: “We need the industry’s support. If the industry acknowledges the unequivocal support of its shareholders, the efforts of the Goffs board and its staff, and the protection it has given to its vendors, then show that support in real terms and offer your best bloodstock to Goffs. 

“Goffs is here to serve you. It has proven time and time again that it can do the job but it needs the horses. Send us your best and you will not be disappointed.” 

She also told shareholders that Goffs’ credit procedures had been reviewed and tightened – “where appropriate”.

She said: “In terms of our debt provisions, we have taken the expert advice of our auditors, PricewaterhouseCoopers, to provide fully for the outstanding amounts in the current year but they have not been written off or forgiven.

"In fact, we are continuing to actively pursue every outstanding debt due to the companyby every means possible. We will fully utilise the legal route and are continuing to work closely with those debtors who are endeavouring to honour their commitments.”

Mulhern added that it was important to note that no vendors had suffered as a result of these debtors; that “Goffs had endured the pain”. Mulhern added that, largely as a result of the current recession, Goffs was now mainly dealing with “the industry professionals – people who had a proven track record with the company going back many years.”

 

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