Fife mill’s acquisition hailed by new owner

Whitworths Holdings sees profits rise as Kirkcaldy mill helps extend its national reach

The new owner of Scotland’s most modern flour mill in Fife saw its profits rise in the year.

New published accounts at Companies House show Whitworths Holdings Limited generated revenues of £258.6 million in the year to March 31, up from £208.9m in the previous financial year.

Profits also improved with the group’s pre-tax return rising from £7.27m in 2016 to £7.87m in the year past.

Whitworths’ year was marked out by bolt-on acquisitions including the £24.9m purchase of the flour milling business of Carr’s Group following a speculative approach.

The assets included Carr’s mill at Kirkcaldy in which it had invested more than £17m in 2013. The transaction also saw the group’s 80 staff in Fife transfer over to Whitworths.

The Northamptonshire-based concern, which in addition to its core milling activities also has farming, forestry and estate management interests, said its new additions had helped it gain true national reach.

“In June 2016, the group acquired certain trade and assets of a competitor in the UK milling industry that has now exited the market,” chairman Martin George said in his directors’ report to the accounts.

“In September 2016, the group acquired the entire share capital of Carr’s Flour Mills Limited from Carr’s Group PLC following a debt refinancing exercise with our banking partners.

“The acquisition provides a strong geographic fit with limited customer overlap and the group now has national reach.”

Both acquisitions are included in the group’s activities for the financial year and Whitworths’ net book value has risen from £55.2m to £86m as a result.

Picture: Steven Brown. A picturesque view of the former Carr’s flour mill in Kirkcaldy.