The H&H group has announced the acquisition of John Swan in a £8.2 million deal which will create the UK’s largest auction mart business.
H and H will take over John Swan’s marts at Newton St Boswell and Wooler and John Swan’s listing on the London Stock Exchange will end as part of the deal.
Discussions on the takeover began on December 2014 with a formal offer placed in July. The offer, which will see £13.50/share paid to John Swan shareholders, was voted 100 per cent in favour.
Brian Richardson, chief executive of H and H said: “This has been a long process but it is pleasing we can now announce the completion of the deal, which combines two companies with a large heritage in agricultural livestock.
“H and H is firmly focused on the sector and will look to develop throughput at the two sites, alongside providing its land agency and rural insurance services to the customer base at Swans.”
Mr Richardson added the acquisition would allow the firm to develop its market share and provide new areas of service.
H and H also announced its financial results for the year to June 30. The firm saw profits of £1.15 million and a shareholders’ fund increase to £16.995m.
“This is a sold result in a year which has been more challenging with lower stock and produce prices for much of our customer base,” Mr Richardson added.
He said the firm would go into the coming year with confidence in developing its existing business in with the John Swan addition.