Scotmin Nutrition Sold To Carr's Milling
UK - The Buccleuch Group has disposed of its animal supplements business Scotmin Nutrition Ltd, as well as its agricultural merchant business AC Burn Ltd to Carr's Milling PLC.
24 June 2010
2 minute read
Both businesses were bought for a total cash sale of £5.62 million.
Scotmin is a manufacturer and distributor of animal feed supplements, based in Ayr, Scotland, where it employs 41 people. It has been trading for over 31 years and is a major supplier to the Scottish market. The products manufactured and supplied by Scotmin include mineral supplements, protein balances, molassed feed mineral blocks, forage additives and colostrum products.
For the year ended 31 October 2009, Scotmin generated revenues of £8.0 million and operating profit of £0.55 million. On completion, Scotmin's net assets and gross assets are expected to amount to £2.42 million and £4.31 million respectively.
A C Burn Limited, known as Borthwickburn is engaged in the sale of animal feed and proprietary animal health products and trades from three locations - Jedburgh, Selkirk and Berwick. The acquisition extends the number of retail branches operating in northern England and Scotland from 15 to 18.
For the year ended 31 October 2009, Borthwickburn generated revenues of £3.2 million and operating profit of £28,000. On completion, Borthwickburn's net assets and gross assets are expected to amount to £0.53 million and £1.17 million respectively.
These disposals are part of the continued portfolio optimisation within the Buccleuch Group which is focussing on the key strategic themes of Renewable and Alternative Energy, Commercial Property, and the development of Tourism and Hospitality across the four rural estates in Southern Scotland and Northamptonshire.
Scotmin and AC Burn, which were majority acquired in 2005 and which employ 62 people across five sites in Scotland, have made a valuable contribution to the Buccleuch Group.
Buccleuch Group CEO, John Glen, said “These are first class businesses which will prosper and develop further under the new ownership, beyond what we could achieve, and this was critical to our decision to divest. We would like to take the opportunity to thank all the employees concerned for their effort and contribution over the years and to wish them every success.”
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