Genus selling dairy to fund new venture
GENUS is selling its Northumbrian showcase dairy farm to raise capital for a new venture ahead of its plans for a stock market floatation within the next two years.
The sale of the Bays Leap 182ha (450-acre) grassland unit follows last Fridays announcement that its MOET herd of high genetic merit cows is to relocate to rented ground nearer to the companys Crewe headquarters.
Company managing director, Steve Aimes, says: "We are looking to make best return for our farmer shareholders by realising assets and putting them to more profitable use."
Money raised from the sale of the Bays Leap unit will form part of a £40m investment into the new agricultural venture, although at this stage the company is keeping an open mind on what it will be.
Chairman, John Beckett, says the new venture should counter the cyclical nature of its existing breeding and consultancy businesses. This may include the processing of milk, he says. *