Northampton decision soon
Northampton decision soon
NORTHAMPTON Markets future will be decided this week when shareholders meet to discuss offers for the site.
The market was effectively put up for sale for a figure somewhere between £1.5m and £2.5m when a few shareholders decided they wanted to cash in their holdings rather than reopen.
It is believed that at least two bids are competing. Richard Sawbridge, a local farmer and non-executive director of the market, hopes he can swing the board behind the consortium buy-out that plans to continue with livestock auctions.
So far the consortium has raised £1.7m, but attempts to attract further investors have been stymied.
Initial reports suggest that £2.5m was required to save the five-year-old site.
"I know I can raise the money, but it depends on whether the major shareholders will let me do it. I have been waiting for more details to put in the prospectus, but they havent arrived."
Several other investors have said they would back the consortium, once they had seen a prospectus, he added.
"I have been tremendously encouraged by the support from local farmers and this has made the shareholders realise just how important a livestock market is to the local area,"
Keith Rose, managing director of Northampton Auctions, said there was a rival bid from a developer and it was now down to the major shareholders to decide.
But even if the decision is made, it will have to be put before another meeting to be ratified.
"The response from local farmers shows how much Northampton and its surroundings need a livestock market, so farmers can buy and sell animals and get the true market price." *