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07 Jan 2020
Openfield buys Angus Cereals out of administration for undisclosed sum
Openfield Group, the farmer-owned co-operative, has announced it has bought Angus Cereals, out of administration.
The purchase, for an undisclosed sum, includes three grain drying towers and 32,000 tonnes of storage which are located in one of the best malting barley growing areas of Europe.
The facility is situated on the dockside at Montrose in Angus making it ideal for the export and import of combinable crops.
Angus Cereals, a grower owned business, was put in the hands of administrators in July.
Openfield’s purchase will secure the site’s future and has maintained its co-operative ownership status.
Openfield said it was now looking forward to working with interested parties to build the most beneficial future for the facility to contribute to the Scottish agri-business community.
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The Montrose site was commissioned in 2012 and although it also handled wheat, oilseed rape and feed grains its main purpose was to dry and store malting barley.
Commenting on the news, Openfield’s chief executive officer James Dallas said: “We are delighted to further demonstrate our commitment to the co-operative business model.
"We have been involved in the Montrose facility from the outset and always believed in its proposition. It is ideally positioned to support the demand for malting barley from the Scottish distillers in the area and it offers us excellent import and export opportunities, when the market is right.”
Joint Administrator Iain Fraser of FRP Advisory added: “As part of our efforts to recover as much value as possible for the creditors of Angus Cereals, we are delighted to have secured the sale of its grain storage facility in Montrose Harbour to Openfield. We wish Openfield every future success in operating the facility.”
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