Angus Cereals co-operative forced to appoint administrators
Angus Cereals, one of the most modern grain handling co-operatives in the country, entered administration on 12 July with the appointment of Iain Fraser and Tom Maclennan, partners at specialist business advisory firm FRP Advisory LLP, as joint administrators.
Angus Cereals is a farming co-operative which stores and sells grain on behalf of its members, and was first operational for the 2011 harvest. It operates a 40,000-tonne capac- ity storage facility at Montrose Harbour which has been developed over the last number of years with around £7 million being invested in the facility.
The Society’s 69 members come from across the East of Scotland but are mainly based in Angus, Perth and Fife.
Iain Fraser said: “Angus Cereals has played an important role for the agricultural community in the East of Scotland.
“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.”
He said the administrators were now actively seeking a buyer for the assets at Montrose, and were hopeful that this could be secured in time for the 2018 harvest.
It is understood the silos are currently empty and suppliers have been paid in full for the 2017 crop but they may lose the money paid in membership fees.
Interested parties or suppliers seeking further information should contact the FRP Advisory LLP Aberdeen office on 0330 055 5455.