January 20, 2015

20/01/2015: Openfield cease to act on behalf of Aberdeen Grain Storage Limited

First reported in Milling and Grain, January 2015

Openfield and Aberdeen Grain Storage Limited (AGSL) announce that following a review of the existing long term arrangements between the two businesses in relation to the marketing of grain and the management of storage activities at Whiterashes, that Openfield will cease to act on behalf of AGSL at the conclusion of the current harvest.
 

http://issuu.com/gfmt/docs/mag1501/1

AGSL will repay all loans outstanding and repurchase the 9000 tonnes of storage rights owned by Openfield prior to 30 June 2015.  The sums involved remain confidential between the parties.

James Dallas, CEO of Openfield commented, “After almost 10 years of unprecedented growth and development of the store with the AGSL members, taking the store from a capacity of 29,000 tonnes to today’s almost 70,000t we are delighted to have been able to assist Aberdeenshire farmers working together to build a successful storage operation. We are disappointed that negotiations to continue the relationship proved unsuccessful but our strategic objectives remain unchanged.”

Ian Cruickshank, Chairman of AGSL, further added, “We thank Openfield for their significant contribution and financial support over the past 10 years and, as a Board, we are considering our grain marketing and grain storage options and will make further announcements in due course. Given the size of the business today, our requirements are different to what they were 10 years ago.”


Read the magazine HERE.
 

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