08/08/2008
Welsh agricultural and retail concern Wynnstay Group is buying Welsh Feed Producers and seeking £3 million.
Powys-based Wynnstay, which lifted interim profits 51 per cent to £2.9 million pre-tax on turnover up 46 per cent to £116.5 million, is buying the 50 per cent of Welsh Feed Producers it does not already own. The company is paying £1.34 million cash for Welsh Feed, which made £133,300 pre-tax in the year to last September, and is also to redeem £1.34 million of loan stock held by the vendors.
Wynnstay likes Camarthen-based Welsh Feed as a leading supplier of ruminant animal feeds for dairy farmers in the region. The £3 million placing at 250p, is to fund the acquisition and provide working capital.
At 260p, Wynnstay’s shares value the company at £34.4 million.
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