The creation of a new commercial management board to run the Meat Plant is being billed as the last chance to save the loss-making facility.

Representatives of the island’s meat industry gathered at St Ninian’s Lower School this week to hear the government outline its plans to reverse the fortunes of the abattoir.

They heard how a new management board called OpCo will take over the running of the plant from the Fatstock Marketing Association.

This will look to increase throughput, bring pricing structures in line with the UK, improve marketing and search for a strategic partner.

Treasury has promised an extra £1m in funding support. Government subvention will continue while the handover to OpCo can be agreed.

The moves follow the failure to find a private sector operator following a tendering exercise. It aims to provide a better return to farmers and so reduce the number of beasts exported for slaughter.

Manx NFU general secretary Andrew Cooper said the union was ’cautiously optimistic’ as this was the only option on the table. He said: ’Everybody knows that what we have now isn’t working. If it can work, we will support it.’

Andrew Skillicorn of the FMA told the meeting that transferring the business to OpCo is in the best interest of the Association.

He said: ’This past year has probably been one of the most pivotal in the history of the FMA.

’I cannot deny that the FMA has been struggling financially since derogation and it has been apparent for some time that its continuance has been dependant on increasing levels of government financial aid.

’In 2011 when something similar was brought forward, the new company had no meat on the bones and it died, but this time there is a plan.

’The board believes that OpCo provides an improved return for our members and a more sustainable future for the meat plant.’

OpCo will be chaired by Tim Baker MHK but not as a political role.

Transfer of the meat plant to the new body has been approved in principle and will be confirmed in writing once FMA clarifications are satisfied.

The Agricultural Marketing Society had tendered to take over the running of the plant and has asked DEFA to explain why its bid failed to meet the requirements of the procurement team.

Graham Crowe said the AMS’s board believe that provided the proposal is ’fully inclusive’, it offers the ’best chance of a positive outcome for suppliers, the factory, the retailers and consumers’.

DEFA Minister Geoffrey Boot MHK told the meeting that finding a strategic partner was the key to the plant’s future success.