Mole Valley in talks over Countrywide takeover

Countrywide Farmers plc one of the UK’s leading suppliers of products, services and advice to the rural community has announced it is in talks with Mole Valley Farmers over the sale of its retail business..

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.

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About The Author

Deputy editor of Agronomist and Arable Farmer as well as responsibility for the Agronomist and Arable Farmer and Farm Business websites. After 17 years milking cows on the family farm John started writing about agriculture in 1998 and has since written for a variety of publications and has developed a wide circle of contacts within the industry. When not working John is a season ticket holder at Stoke City and also of late has become a fitness freak, listing cycling, swimming and walking as his exercises of choice.