Farming News - Countrywide in exclusive discussions with Mole Valley over its retail business

Countrywide in exclusive discussions with Mole Valley over its retail business

04 Oct 2017
Frontdesk / Finance

Following the announcement of its intention to explore the potential sale of the Retail business in April, Countrywide reports encouraging progress towards a sale and confirms that it has entered into exclusive discussions with Mole Valley Farmers Ltd.

This process and negotiation of detailed terms is expected to take a number of weeks to conclude, with the Company targeting completion by the end of the year. This represents an excellent opportunity to secure the future of the retail business with an established sector leading company for our customers and employees.

Countrywide also confirms today that it has completed the sale of its 80% shareholding in MSF Welland Valley Feeds Ltd to the existing Management team for a consideration of £1m. MSF Welland Valley Feeds Ltd comprises a single retail store based in Market Harborough which operates as an entirely standalone business. Net proceeds from the sale will be utilised to reduce bank facilities.

Countrywide also further confirms that it is in the process of winding down and transferring its Turf and Amenity business to an alternative provider, enabling the Turf and Amenity team to continue to serve customers under new ownership.

We are encouraged to report that trading performance in the LPG business continues in line with expectations.

 

In light of the developments confirmed today, the Countrywide Board has taken the decision to suspend trading in its shares with immediate effect.