Mon, 16 Jul 2018 | ADMINISTRATION
Angus Cereals Limited, a farming co-operative with farmers across the east of Scotland, has entered administration following a string of financial difficulties, and ahead of this year’s harvest.
Tom MacLennan and Iain Fraser from specialist business advisory firm FRP Advisory LLP have been appointed as joint administrators, and hope to secure a buyer in time for the harvesting season.
The co-operative, founded in 2011, operates a 40,000-tonne storage unit at Montrose Harbour which has received £7 million worth of investment its since inception. The group sells and stores grains for 69 farmers located in Angus, Perthshire and Fife, amongst other counties.
David Fairlie, the former director, remained optimistic and said: “These are good facilities and hopefully by next week we will know more about an alternative operator.”
Angus Cereals’ website states that the company’s goal is to “add value” to members and their businesses through “lower costs and effective marketing”. It further claims that: “By working together and implementing the correct infrastructure, we can vastly reduce costs relating to rejections, double handling, haulage and drying.”
Fraser, who noted that the co-operative was a vital part of the agricultural community in Scotland, said: “Unfortunately, it has not been possible to secure the future viability of the business, and the board has been left with no alternative but to appoint administrators.
“We are now actively seeking a buyer for the assets at Montrose, and are hopeful that this can be secured in time for the 2018 harvest.”
For more news stories about administrations click here. For all our administrations listings, click here.
Discover a charming village pub restaurant nestled in the picturesque landscapes of Oxfordshire, offering a unique opportunity to own an establishment rich in character and appeal.
LEASEHOLD
Discover a thriving community pub in a bustling residential suburb of Warwickshire, ideal for those looking to make a mark in the hospitality industry.
LEASEHOLD
Charming riverside pub restaurant in a popular hamlet, perfectly situated near leisure attractions, camping, caravan parks, and waterside activities in Nottinghamshire.
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.