BusinessBusiness RecoveryKPMG ‘disappointed’ at failure to sell farm business

KPMG 'disappointed' at failure to sell farm business

KPMG has expressed 'great disappointment' after a proposed management buy-out of a subsidiary of collapsed farming equipment business SBF Agrico fell through with the loss of 43 jobs.

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Joint receivers Blair Nimmo and Neil Armour blamed ‘financial constraints’ on the buy-out team for the foundering of their attempts to sell Rothienorman-based Fraser Manufacturing as a going concern. The bid had been led by Pat McRobbie, the company’s general manager.

KPMG said the plant and equipment would now be put up for auction on by Thainstone Auctioneers in September.

Nimmo, head of KPMG corporate recovery in Scotland, said 34 of the 43 staff would be made redundant immediately. The rest will complete a number of orders before sharing the same fate when the business closes its doors in a fortnight.

‘This is a great disappointment to the KPMG Corporate Recovery team as we have been successful in selling other subsidiary businesses including that of George Sellar & Son,’ he said.

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