Helston farming business in multi-million pound sale (From This is The West Country)
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Helston farming business in multi-million pound sale
1:00pm Thursday 11th October 2012 in Cornwall
Helston-based Rowe Farming Ltd has been sold in a multi-million pound deal.
The business based at Trenethick Farm, between Helston and Wendron, has been bought by Produce Investments plc, which is the parent company of one of the UK’s leading potato businesses Greenvale AP Ltd.
Rowe Farming, which specialises in new and salad potatoes, as well as daffodils and daffodil bulbs, is also the company behind an affordable housing scheme in Porthleven, the plans for which were only unveiled three weeks ago.
However, directors have assured people that the buyout will have no affect on the proposed development, with ownership remaining with the Rowe family. The family will also retain ownership of their property holdings in the Helston area and the business will continue to operate from its current sites in the Helston, Ashton and Camborne areas.
The deal, which sees the Rowe Farming directors take a “significant” equity stake in the enlarged group, will see all directors and employees continuing in their positions with the company in Cornwall.
Rowe Farming managing director Mark Rowe said: “This is a very exciting opportunity for Rowe Farming and brings added security for our employees, suppliers and customers from being part of a larger parent company, with all the advantages of being aligned to one of the UK’s leading potato growing and packing operations.
“This represents a vote of confidence by a large produce plc in the prospects not just of Rowe Farming, but also agriculture more widely in Cornwall and the south-west. The future is bright and our shareholders are delighted to be reinvesting a large part of the sale proceeds into our new parent company.”
Barrie Clapham, chairman of Produce Investments plc, said: “I am delighted we have been able to purchase such a high quality business. It takes the company into new sectors and we are both excited and confident about the future earnings potential.”
