IRISH machinery manufacturer, Keenan, best known for its mixer wagons and diet feeders has gone into receivership.

KPMG were appointed on 12 April after discussions with a possible investor fell through. The company was described as ‘running at a loss and insolvent’. The last set of full accounts show Richard Keenan & Co had a turnover of €32m in the year to 31 December 201, but had recorded a pre-tax loss of €751,000

However, the receivers are currently in advance talks with US-based Alltech and KPMG have said in a statement they were confident these would lead to a successful conclusion, which would keep Keenan’s 222 staff in jobs.

The business was started by Richard Keenan in 1978 and son Gerard is now executive chairman. The company won an RASE medal, presented by the Duke of Edinburgh in 1980 and more recently won a Practice with Science Award at the 2013 Oxford Farming Conference. Based in Borris, County Carlow, three-quarters of its staff work in Ireland.

Founded in 1980 by Irish biochemist and entrepreneur Dr. Pearse Lyons, Alltech is a leading global biotechnology company. Headquartered in Kentucky, Alltech trades in over 120 countries and has more than 4,700 employees. It has 77 production facilities across the world and three bioscience centres, dedicated to research and education, two located in the USA and one in Ireland. It is the only privately held and family-owned business among the top ten animal health companies in the world.