Grain storage buyout

GRAINFARMERS HAS taken full ownership of the 45,000t central storage unit at Colsterworth, Lincs.

The firm became a majority shareholder in Honey Pot Grain Ltd three years ago, when it bought 30,000t of storage from the farmer membership.

This week, Grainfarmers’ £1m cash offer for the remaining 15000t, including some liabilities, was accepted by farmer directors. The deal values the assets of the business at about £2.4m.

Tim Pollock, Grainfarmers managing director, said the move tidied up ownership and would save about £30,000 on statutory running costs.