Major farming supplier in Honiton to close THIS weekend
PUBLISHED: 10:00 02 November 2017 | UPDATED: 09:43 13 November 2017
Countrywide, in the town's Heathpark Industrial Estate, is shutting down after the parent company agreed terms to sell its retail business to Mole Valley Farmers.
A major Honiton-based farming retailer is closing for good this Saturday (November 4), the Herald can reveal.
Countrywide, at Heathpark Industrial Estate, is shutting down after its parent company agreed terms to sell its retail business to Mole Valley Farmers.
The Reme Drive outlet is only one of five that were not transferred in the transaction - with Amesbury, Glastonbury, Towcester and Wenvoe-based stores also getting axed.
Under the terms of the sale, Mole Valley will acquire 48 currently trading stores, support teams and IT operating systems for a value that is dependent upon stock levels in the business at time of completion.
Countrywide will retain all freehold properties, with Mole Valley entering into lease agreements as a tenant.
The sale is subject to review by the Competition and Markets Authority, with completion expected to take place before the end of January 2018.
Countrywide Farmers’ chief executive John Hardman said: “We are delighted to have reached an agreement with Mole Valley Farmers.
“This represents an excellent opportunity to secure the future of our Retail business with an established sector leading company.
“I would like to thank all of our staff who work within the retail business and have remained committed through a significant period of change and uncertainty.
“We are very grateful for their contribution and wish them all the very best for the future.”