Suppliers to Superquinn who lost out when it was placed in receivership last month are set to be recoup monies from credit insurance policies.

Suppliers were left with an estimated €25m shortfall when the three banks to which the grocer owed €275m appointed KPMG as receivers last month. Credit insurer Atradius said yesterday it would pay out claims worth “several million” according to The Irish Times

The insurer was did no say exactly much would be paid out or how many suppliers are covered.

Superquinn owed suppliers around €50m when the banks took control. The receiver said it would pay for stock held by the retailer and anything supplied during the receivership, but not for goods sold but yet to be paid for.

Many smaller suppliers, who did not have cover, were hit. Rival retailer Musgrave, which is poised to take over Superquinn, said last week it would fund a €10m compensation scheme for creditors who lost out.