Scotland business

Angus farming co-operative enters administration

Angus Cereals storage facility at Montrose Harbour Image copyright Angus Cereals
Image caption Angus Cereals operates a 40,000-tonne capacity storage facility at Montrose Harbour

Administrators are racing to find a buyer for a farming co-operative which has collapsed ahead of this year's cereal harvest.

Angus Cereals entered administration on Thursday following financial difficulties.

The society, formed in 2011, stores and sells grain on behalf of 69 members across the east of Scotland.

It runs a 40,000-tonne capacity storage facility at Montrose Harbour which has seen £7m of investment in recent years.

Joint administrator Iain Fraser, from FRP Advisory, said: "Angus Cereals has played an important role for the agricultural community in the east of Scotland.

"Unfortunately, it has not been possible to secure the future viability of the business, and the board has been left with no alternative but to appoint administrators.

"We are now actively seeking a buyer for the assets at Montrose, and are hopeful that this can be secured in time for the 2018 harvest."

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