11 January 2018
Countrywide Farmers plc (“Countrywide” or “the Company”), one of the UK’s leading suppliers of products, services and advice to the rural community, today provides a further strategic update.
On the 23rd October, the Board of Countrywide Farmers plc announced that it had agreed terms to sell its Retail business to Mole Valley Farmers Ltd. The sale was subject to review by the Competition and Markets Authority, with completion expected to take place before the end of January 2018. Whilst progress has been made, completion is not now expected to take place by the end of January 2018, to enable competition review work to be progressed. The anticipated completion date has been extended by agreement with the purchaser to take place by 16th March 2018.
Arising from the extended timeframe in relation to completion of the Retail sale, the Board has considered that it is appropriate to progress an expedited sale of the successful Countrywide LPG business. This is being progressed to ensure that it maintains sustainable value within its current going concern status. The Board is pleased to confirm that it has agreed terms to sell the Countrywide LPG business to DCC plc. Under these terms, DCC plc will acquire the trade and assets of the LPG business for a total consideration of £28.75m, with completion targeted before the end of March 2018.
Commenting on the deal, Countrywide Chief Executive Julie Wirth said: “We are delighted to have reached an agreement with DCC plc to acquire our LPG business. This represents an excellent opportunity for the Countrywide LPG brand to continue to grow and flourish within a leading international sales, marketing and support services group which has a strong LPG division currently operating in nine countries across Europe.”
Henry Cubbon, Managing Director of DCC LPG said: “We are delighted to welcome the Countrywide Rural Energy – LPG team to the DCC business and look forward to continuing to develop the Countrywide LPG brand into the future.”
Share trading remains suspended in light of the ongoing strategic developments taking place within the business.
The Directors of Countrywide Farmers plc accept full responsibility for this statement.
Find more information about Countrywide at www.countrywidefarmers.co.uk
Countrywide Farmers plc
Gareth Thomas (Chairman) Tel: 01386 429511
Julie Wirth (CEO/CFO)
Walbrook PR Ltd
Tel: 020 7933 8780 or Mob: 07980 541 893
Paul McManus (Media Relations)