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.
Popular and well-established Italian restaurant is on the market with a huge amount of potential for a new owner to increase revenue building off the current owners’ successes. The current owners have been developing this business since 2015 and have...
2 x Lucrative Cafes & Food Kiosk Recently Departed from a Franchise in Cornwall. Well-Established and Longstanding. Ideal Coastal Location. Recently Renovated. Fantastic Reputation. Excellent Trade Throughout the Year. Offers invited.
LEASEHOLD
Two staff-managed businesses belonging to recognised franchise. Separate or collective purchase available. Based within 2 popular locations. Full support from franchiser. Brilliant reputation. Household name. Offers invited.
LEASEHOLD
|
16
|
|
Sep
|
Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI
SRL Traffic Systems, a manufacturer and supplier of portable...
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Aug
|
Welsh technology firm plunges into administration | ADMINISTRATION
Thought to be one of the country’s leading ICT supplie...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
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