On 20 April 2015, Andrew Davison and Sam Woodward of Ernst & Young LLP, were appointed Joint Administrators of Caledonian Marts (Stirling ) Ltd.
The company, formed in 1963, is a farmers co-operative with over 3,000 members, operating its main business of livestock sales from Millhall, Stirling and also via a leased facility in Oban.
The Joint Administrators upon appointment subsequently sold the Company’s business and assets to J H Gilvear & Sons, of Stirling, for an undisclosed sum. As a result, the business has secured new investment and will continue to operate as a going concern through a new company, Caledonian Marts Ltd.
Andrew Davison, Joint Administrator, said: “Caledonian Marts is a well-established, renowned livestock market serving the region’s farmers for many years. Unfortunately, in recent times, the business has faced financial difficulties due to a build-up of bad debts and, having explored a number of other options, the directors took the decision to appoint Administrators to help safeguard the future of the business.
“We are pleased to announce that a sale has been completed that sees the business assets and all employees transferring to the new company, with the business continuing to trade without interruption.”
