Farmway sold to farming co-operative
AGRICULTURAL and rural retail group Farmway has been sold to a Devon farming co-operative.
The business, which was formed from the amalgamation of three farming cooperatives – Teesside Farmers, Northern Farmers and East Yorkshire Farmers – in 1964, has been bought by Mole Valley Farmers (MVF).
Farmway has grown to become one of the North’s leading agricultural and rural retail businesses, specialising in animal feeds, the processing and dressing of cereal seeds, fertilisers, and also the drying, storage and marketing of grain.
Over the past five years, the company has diversified into rural retailing, offering farmers and people who live in rural areas a range of products through a network of eight stores across Yorkshire and the North East.
Corporate finance experts from the Newcastle office of Ward Hadaway, which also has an office in Leeds, provided legal advice to Farmway.
Based in Devon, MVF was established in 1960 and is an agricultural supply business, owned by over 7,000 farmer shareholders and with an annual turnover of more than £350m.
It has an extensive network of Country Stores as well as an online operation and field sales representatives, and has expanded in recent years with the acquisition of agricultural businesses including Central Wool Growers and SCATS.
The acquisition of Farmway means that MVF will be serving customers from Cornwall to the Scottish Borders.
Martin Hulls, partner and head of corporate at Ward Hadaway, said: “We are delighted to have advised Farmway on its successful sale to Mole Valley Farmers.
“Over the years with which we have worked with Farmway we have built up an excellent relationship with the senior team so we are very pleased to have helped them on such a key move for the business.
“Securing a successful sale to the right kind of new owner was very important to the team at Farmway who have put so much effort into building the business up over the years to become an integral part of rural life across the North East and Yorkshire.”
Farmway chairman John Seymour said: “We believe that the acquisition by Mole Valley Farmers will ensure the successful continuation of our business throughout the North-East benefiting our customers, shareholders, staff and suppliers.
“Mole Valley Farmers have an excellent track record in investing in and supporting rural businesses and communities across the country and have a reputation for having a business culture heavily focussed on adding increased value for farming and rural communities.
“Our customers will continue to have access to technical expertise and a wide range of agricultural and rural requisites either through their usual Farmway field sales representative, their local Farmway Country Store or the Customer Services team based at Farmway’s head office.”
Under the terms of the sale, Farmway staff will transfer over to Mole Valley Farmers.
