ADASpackage saves e-trader

27 July 2001

ADASpackage saves e-trader

FARM consultant ADAS has confirmed it has agreed a rescue package for ailing agricultural internet trading company Globalfarmers.

Edinburgh-based Globalfarmers, which only came online in January, went into receivership earlier this month with reported debts of about £6m.

Neither firm would reveal the financial details of the move, but it is rumoured that ADAS paid about £300,000.

Over half of the original 40 staff were laid off in June after revenue was hit by foot-and-mouth and fewer farmers than expected chose to trade on the site .

It is now expected that a core team of about 12 staff will stay on under the new management. Former chief executive Jonathon Land will remain in charge.

Andy Offer, head of group development at ADAS, admitted it would take a while to rebuild confidence in the trading service, but said he has done some very detailed predictions which confirmed a return to profit "sometime in the future". &#42

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