New owner for Tow Law mart
New owner for Tow Law mart
TOW Law mart in Co Durham has been taken over by Hexham and Northern Marts, it was announced last week.
Harry Vickers, chairman and managing director of Tow Law, confirmed that the companys directors had leased their premises to Hexham auction mart for 10 years, with immediate effect.
Mr Vickers said he anticipated benefits not only for shareholders, but also for farmers in Weardale and north-west Durham.
"I think its the right move at the right time," he said.
"Trading conditions have been difficult for a number of years, with reduced commissions, increasing levels of bureaucracy and high expenditure on new technology.
"The mart premises are in good order and I believe that Hexham and Northern, with its staff, contacts and marketing expertise, will bolster the current annual throughput of 6000 cattle and 90,000 sheep."
Jimmy Walton, chairman and managing director of Hexham Auction Mart Co, said: "Its a natural progression for us because many of the buyers at our Northumberland markets farm in Co Durham and North Yorkshire." *