Thu, 13 May 2021 | ADMINISTRATION
East Lothian-based grain merchant Alexander Inglis & Son has collapsed into administration, with the company’s assets being marketed for sale. The company has five grain stores across Scotland, which will be up for sale along with the firm’s plant and equipment. FRP partners Tom MacLennan and Chad Griffin have been appointed as joint administrators.
Chad Griffin commented: “The storage facilities are very well equipped and in strategic locations. We will now focus on marketing the assets for sale and would urge interested parties to contact the Edinburgh office of FRP as soon as possible”.
Alexander Inglis & Son is a major supplier of cereal, seed, barley and fertiliser to the whisky and distilling industries. The company has 40 staff and, in its most recent accounts, reported gross profit of £4.4 million on turnover of £99.2 million.
However, the business has succumbed to an array of adverse factors. A poor harvest in 2020 exacerbated weak trading resulting from the COVID-19 pandemic, while the firm has also been affected by previous legacy losses.
As a result, the company’s board decided that winding down the business was the best option to maximise value for its creditors.
Secured creditors include Alexander Inglis & Son’s principal lender Macquarie Bank. Many of the company’s unsecured creditors are farmers, who are reportedly owed large sums by the firm but will only receive any kind of payment once secured creditors have been paid.
The administration will also involve confirming the title on huge amounts of grain stored with Alexander Inglis & Son by third parties.
A statement from the administrators read: “The business has been suffering from weaker trading in recent months following a poor harvest in 2020 and a contraction in demand stemming from the COVID-19 pandemic.”
“Additionally, it had continued to be affected by legacy losses on dealings with the failed Philip Wilson Group. The board determined that the best course of action was to wind the business down to maximise value to creditors.”
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