Wed, 26 Aug 2015 | ADMINISTRATION
A Scottish livestock auction business has been bought out of administration.
Cumbernauld and Dumfriesshire Farmers Marts PLC (C&D) has been bought by C&D Auction Marts Ltd and Thomson, Roddick & Laurie Ltd.
The deal was overseen by the company's joint administrators, Russell Cash and Ben Woolrych from FRP Advisory LLP.
Mr Cash commented on the sale: “The deal is a great result for the farming communities in the Borders as it preserves a fully-resourced local livestock auctioneering business and secures a large number of rural jobs.”
He added that Barclays Bank also played an important role in supporting the distressed sale.
John Thomson, from purchasing party Thomson, Roddick and Laurie Ltd, added that the new team will be “busy from day one continuing and further developing the busy sales programme with the help of the existing staff team and we will, of course, be working hard to ensure that we continue to enjoy the support of the agricultural community”.
The sale, which went through for an undisclosed sum, will see certain assets transferred to the buyer along with the trading business of C&D. All 70 full and part-time jobs in the business have also been secured.
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