Burges Salmon has advised Co-operative Group on the sale of its Farms business.
The sale reflects The Co-operative’s decision to focus on its core Retail and Consumer Services divisions, including Food, Funeralcare, General Insurance and Legal Services.
The net proceeds of the Farms sale will be used to further reduce The Co-operative’s debt and invest in its core businesses.
The sale of the business as a going concern incorporates The Co-operative’s existing farming operations, and includes:
- 15,997 hectares (39,533 acres) of freehold and third party owned land
- 15 farms, including 3 pack houses
- Over 100 residential properties
- 27 commercial properties.
Richard Pennycook, Interim Group Chief Executive of The Co-operative Group, said:
'The successful sale of our Farms business is another important development for The Co-operative Group. The sale proceeds will enable us to further reduce our debt and progress with the delivery of the clear strategic plans we have in place for our core retail and consumer services’ divisions.
'In the Wellcome Trust we have a buyer whose values are closely aligned to those of The Co-operative. They have a proven track record in managing a sustainable investment portfolio, the proceeds of which are used to fund improvements in biomedical science and learning. The Wellcome Trust has acquired an excellent farming business characterised by the quality and professionalism of colleagues and high levels of customer service. I expect the farming business to continue to thrive under their committed long-term ownership.”
The Burges Salmon team was led by Corporate partner Nick Graves with support from senior Corporate associate Ed Barratt, Matthew Brace (Corporate solicitor), Pete Roberts (Real Estate associate), Zoe Atkinson (Real Estate associate), Jenny Tran (Corporate solicitor), Chris Palmer (Corporate trainee) and Joshua Gilbert (Real Estate trainee). Partner Philip Davey and solicitor Chris Lewis advised on separation matters. Sarah Embleton and Katie Wooller advised on HR matters. Other key members of the Burges Salmon team included Nigel Popplewell (partner, Tax), Nicola Manclark (senior associate, Tax), Lizzie James (solicitor, Tax), John Dunn (partner, Real Estate), Emily Scaife (solicitor, banking), Michael Hayles (partner, Pensions) and James Green (senior associate, Employment).