Newspaper article The Journal (Newcastle, England)

Rural Retail Business Is Sold; DEALS

Newspaper article The Journal (Newcastle, England)

Rural Retail Business Is Sold; DEALS

Article excerpt

Byline: Ruth Lognonne? 0191 201 6139 ? ruth.lognonne@ncjmedia.co.uk

TWO North East firms have advised agricultural merchants Farmway on the sale of its business to a Devon farming co-operative.

Corporate finance experts from the Newcastle office of Ward Hadaway provided legal advice to Darlington-based Farmway on the sale of its trading assets to Mole Valley Farmers.

Meanwhile, Newcastle-based Jones Lang LaSalle has advised Mole Valley Farmers on property matters relating to their buy-out of Farmway. Formed from the amalgamation of three farming cooperatives, Teesside Farmers, Northern Farmers and East Yorkshire Farmers in 1964, 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 via a network of eight stores across the North East and Yorkshire.

Ward Hadaway has advised Farmway for more than 20 years, providing legal support across a broad spectrum of areas including banking, corporate finance, employment, property and commercial agreements.

A team led by Ward Hadaway head of corporate Martin Hulls and banking and finance partner Imogen Holland advised Farmway on its sale to Mole Valley Farmers (MVF).

Based in Devon, MVF was established in 1960 and is an agricultural supply business, owned by more than 7,000 farmer shareholders and with an annual turnover of more than PS350m.

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: "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. …

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