Northern Ireland food group sells dairy business in deal worth over £1.23m
The disposal results in the County Down group's business changing to the milling and importation of food and ingredients and product sourcing only
County Down-headquartered AIM-listed Roebuck Food Group has sold its dairy business to an unrelated partnership engaged in the Irish dairy milking industry in a €1.45m (over £1.23m) deal.
The investment group's dairy division, which is the subject of the disposal, is comprised within its wholly-owned subsidiary Cantwell’s Court Farm Ltd, incorporated in Ireland and with a principal place of business at Kilkenny, Co. Kilkenny where it operates a dairy farm of around 452 acres held on a number of occupational leases, with roughly 470 milking cows.
The disposal results in the Newry group's business changing from a combination of the milling and importation of food and ingredients, product sourcing and dairy farming to the milling and importation of food and ingredients and product sourcing only.
For the year ended December 31 2023 the dairy division generated revenue of €1.6m, loss after tax of €500,000, and had net assets of €1.44m.
Roebuck's other businesses include Townview, an international sourcing partner and wholesale supplier of BRC-certified meat, seafood, and dairy ingredients, and Moorhead & McGavin, a specialist in importing, milling, and contract packing dried pulses, cereals, grains, pasta, rice, and flours.