Thu, 23 Apr 2015 | BUSINESS SALE
A distressed livestock market business has been bought out of administration almost instantly.
Caledonian Marts (Stirling) Ltd was forced into administration after struggling to raise funds following a write-off of £4 million worth of unrecoverable debt.
The business appointed Sam Woodward and Andrew Davison of Ernst & Young LLP on Monday 20 April. Now, the administrators have confirmed that the business was sold to local farming and livestock firm JH Gilvear & Sons for an undisclosed sum. The new firm is called Caledonian Marts Ltd.
There is to be no interruption to trade, with the company's employees all expected to be transferred to the new firm, while Caledonian Marts will also continue to run Oban Livestock Group's market in Oban.
Doune farmer Niall Bowser has been appointed as chairman of the new firm, while former operations manager John Kyle will take up the role of managing director.
Mr Bowser commented: “It’s still early days, but I would like to see a practical bolstering of our auctioneering staff with a view to having a much greater presence on farm and drawing buyers and sellers to the market
“Of course I would also like to see progressive increase in turnover, with a view to some modernisation of the premises.”
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