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.”
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