05 August 1997
Genus to buy into farm management
GENUS is looking to buy a farm management company. It is part of the cattle-breeding and consultancy businesss expansion plans, and would reduce its dependence on dairying and beef.
Broadoak, Sentry and Velcourt are among the management companies with which it has held discussions. Richard Wood, Genus chief executive, said they had been asking too high a price, but he expected valuations to become “more realistic” after this years cereal harvest. He expected to strike a deal by winter or spring.
The move would presage a stock market flotation in three years. This would raise funds for a larger, complementary acquisition of up to £50m.