Another farmer co-op goes under

D14

Member
Looks like Openfield has bought Angus Cereals.... not quite sure how that works?. I didnt think they had any money and were they not blamed for the issues leading to the administration in the first place?

https://www.fginsight.com/news/news...t-of-administration-for-undiscolsed-sum-71758

I would think they were in so deep with Angus they could not let it completely shut down. That spiel in the press release is a load of cobblers don't you think because they already had full access to the site and its facilities anyway so now suggesting it opens up new doors isn't right.
 
I would think they were in so deep with Angus they could not let it completely shut down. That spiel in the press release is a load of cobblers don't you think because they already had full access to the site and its facilities anyway so now suggesting it opens up new doors isn't right.

Exactly, they had to buy it just to protect their initial investment.
 

D14

Member
Exactly, they had to buy it just to protect their initial investment.

Bit strange that isn't it. Investing in the first place and then having to buy it? Sounds a bit like co-op grain storage to farmers. Maybe Openfield realise now its not so good being on the wrong end of it ;);););)
 
Basically Openfield have just purchased all the other Angus Cereals members space for a fraction of what the members would have originally paid for it. Openfield now own all of a reasonably new asset and can spin their next set of financial result (assuming they are also negative) with the fact they have purchased a store.... better than posting a loss with nothing to show for it!

The real losers sadly must be the other Angus Cereals members who have lost their investment and now have absolutely nothing to show for it.
 

D14

Member
So will the old members that have just been shafted now getting a letter from open field asking if they want to buy back in?
 

Lincsman

Member
Arable Farmer
Location
Lincolnshire
Basically Openfield have just purchased all the other Angus Cereals members space for a fraction of what the members would have originally paid for it. Openfield now own all of a reasonably new asset and can spin their next set of financial result (assuming they are also negative) with the fact they have purchased a store.... better than posting a loss with nothing to show for it!

The real losers sadly must be the other Angus Cereals members who have lost their investment and now have absolutely nothing to show for it.

Can you clarify, Angus have sold the "space" that farmers bought and thought they owned until they wanted to sell it?
 

Brisel

Member
Arable Farmer
Location
Midlands
How can the sale be "an undisclosed sum" is there not a duty to creditors to declare what assets are sold for ?

I would be pretty wild about this if I was invested

I would assume that the sum is undisclosed because it’s lazy journalism but more importantly a private and sensitive deal - I’m sure the creditors will find out what they’ve lost in due course after the administrators have had their cut.

Openfield bought out the members of Honey Pot Lane years ago so this isn’t the only store they own.
 

Fuzzy

Member
Arable Farmer
Location
Bedfordshire
Basically Openfield have just purchased all the other Angus Cereals members space for a fraction of what the members would have originally paid for it. Openfield now own all of a reasonably new asset and can spin their next set of financial result (assuming they are also negative) with the fact they have purchased a store.... better than posting a loss with nothing to show for it!

The real losers sadly must be the other Angus Cereals members who have lost their investment and now have absolutely nothing to show for it.
Is James Dallas the same guy involved in Viking Grain a few years ago ??
 

Brisel

Member
Arable Farmer
Location
Midlands
That doesn’t mean he was there at the time Viking went under. I’ll see if I can check him out.

Edit: Too busy today to spend hours checking out his CV of previous directorships. Anyone can do this if you type director history into your search engine.
 
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Clive

Staff Member
Arable Farmer
Location
Lichfield
I would assume that the sum is undisclosed because it’s lazy journalism but more importantly a private and sensitive deal - I’m sure the creditors will find out what they’ve lost in due course after the administrators have had their cut.

Openfield bought out the members of Honey Pot Lane years ago so this isn’t the only store they own.

I’m not sure privacy is something you’re entitled to when you go bust on other peoples money !

Lack of disclosure makes this rntire situation smell VERY fishy to me
 

Clive

Staff Member
Arable Farmer
Location
Lichfield
Can you clarify, Angus have sold the "space" that farmers bought and thought they owned until they wanted to sell it?

Exactly - in all these cs threads the supporters that can’t see the fragility of it all always claim it’s the farmers asset and he can selll it

Not so it seems

Smoke and mirrors !
 

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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