MVF Countrywide?

[jade35]

https://www.countrywidefarmers.co.uk/blog/tag/Press Release

Blog posts tagged with 'Press Release'
Countrywide Farmers Plc - Strategic Update
02 October 2017

Countrywide Farmers plc (“Countrywide” or “the Company”), one of the UK’s leading suppliers of products, services and advice to the rural community, today provides a further strategic update.

Following the announcement of its intention to explore the potential sale of the Retail business in April, Countrywide reports encouraging progress towards a sale and confirms that it has entered into exclusive discussions with Mole Valley Farmers Ltd. This process and negotiation of detailed terms is expected to take a number of weeks to conclude, with the Company targeting completion by the end of the year. This represents an excellent opportunity to secure the future of the retail business with an established sector leading company for our customers and employees.

Countrywide also confirms today that it has completed the sale of its 80% shareholding in MSF Welland Valley Feeds Ltd to the existing Management team for a consideration of £1m. MSF Welland Valley Feeds Ltd comprises a single retail store based in Market Harborough which operates as an entirely standalone business. Net proceeds from the sale will be utilised to reduce bank facilities.

Countrywide also further confirms that it is in the process of winding down and transferring its Turf and Amenity business to an alternative provider, enabling the Turf and Amenity team to continue to serve customers under new ownership.

We are encouraged to report that trading performance in the LPG business continues in line with expectations.

In light of the developments confirmed today, the Countrywide Board has taken the decision to suspend trading in its shares with immediate effect.

The Directors of Countrywide Farmers plc accept full responsibility for this statement

Find more information about Countrywide at www.countrywidefarmers.co.uk

Countrywide Farmers plc

John Hardman (CEO) Tel: 01386 429511

Julie Wirth (CFO)

Walbrook PR Ltd

Tel: 020 7933 8780 or Mob: 07980 541 893

Paul McManus (Media Relations)

[email protected]

 

[An Gof]

Not sure if that's good news or not. Hope MVF not taking on too much. There will be a lot of rationalisation needed in Devon and Cornwall for stores.
The final nail in the coffin for Cornwall Farmers, the inevitable happened and MVF won. Any thoughts @Dilligaf

 

[CWasem]

I work for countrywide and I'm super excited of the news.

 

[An Gof]

I work for countrywide and I'm super excited of the news.

I would imagine you are. Working for Countrywide recently must have been a soul destroying experience. Hard enough to sell to farmers but when you can't get stock it must have felt hopeless.

 

[CWasem]

Ha. Yes so you understand my excitement of change.

 

[An Gof]

Just out of interest did Countrywide use/ever use Baker Tilly as auditors and accountants

 

[7610 super q]

Lovely, great, smashing, super.

Why was it always a speedboat ?

 

[Richard Devon]

There will be a lot of rationalisation needed in Devon and Cornwall for stores.

yes, I think you're right. Sadly. Kingsbridge is handy for us its (rented) location is right in the middle of town so wouldn't be surprised to see that go....Totnes, only a stone's throw from Bovey....so possibly another?

 

[CWasem]

Pass [emoji848]

 

[An Gof]

yes, I think you're right. Sadly. Kingsbridge is handy for us its (rented) location is right in the middle of town so wouldn't be surprised to see that go....Totnes, only a stone's throw from Bovey....so possibly another?

There's also duplication at a Liskeard and Holsworthy.
Might make life interesting for Maunders at Launceston if MVF move into Countrywide premise and do a good job.
Question is will MVF bother with the TMS site in Truro? The jewel in the crown for MVF in Cornwall will be Penzance depot, David Worledge might even return as manager.

 

[jade35]

Not sure if that's good news or not. Hope MVF not taking on too much. There will be a lot of rationalisation needed in Devon and Cornwall for stores.
The final nail in the coffin for Cornwall Farmers, the inevitable happened and MVF won. Any thoughts @Dilligaf

My thoughts when I heard the news but it will be interesting to see what happens (I think) Have wondered if Liskeard Cornwall Farmers store would become a second site for storage. Everything is certainly shoehorned in in the yard at MVF Liskeard

 

[twizzel]

MVF gwinear and CF Helston also very close. Does this mean that countrywide/CF brand will cease and everything will just be mvf from now on?

 

[pellow]

So MVF got into a position where they couldn't pay the shareholders their dividend (something that people took into consideration when purchasing from MVF as it was essentially discount) and are now back on their expansion plans. What is the plan now, s**t or bust?! take out all the competition to survive?

Interesting that the past MVF plan was to do their best for the farmer share holders, the people that built the business the same as lot of co-op started by baby boomers, now aggressive expansion and willy waving from the top brass is the main focus with a bit of brand massaging trying to make MVF look like they are farming heroes

There are a few ways this will go for MVF, busto, PLC or carved back up with a whimpering retreat back to the south west, I really do not understand the end game, the internet will kill them as they are turning into a behemoth and although they have their own internet shop some smart arse with no overheads will undercut them dramatically as they try to keep their 2000 shops running

 

[Derrick Hughes]

can only be bad for farmers .

 

[David.]

Would have preferred Carrs rumour to have been true.

 

[Bullring]

Would have preferred Carrs rumour to have been true.

Me too, can't help but think MVF taking over will mean down our way they will have a monopoly over farmers to charge what they like as there will be no competition, they have slowly become more expensive than they use to be. I was quite looking forward to carrs coming down south as I had heard several rumours they were in pole position to take over.

 

[Great In Grass]

MVF don't have a monopoly on everything down our way.

 

[Bullring]

MVF don't have a monopoly on everything down our way.

Ok on most things but seed

 

[Great In Grass]

Ok on most things but seed

The Farm Marketplace may be useful to you especially when fully up & running?

 

[An Gof]

MVF don't have a monopoly on everything down our way.

No, that's MA Grigg