Home Business NewsBusiness Wellcome Trust buys Co-op's farms business for £249m

Wellcome Trust buys Co-op's farms business for £249m

by LLB Editor
4th Aug 14 8:45 am

Health charity Wellcome Trust has snapped up Co-operative Group’s farms business for £249m.

According to the BBC, the deal includes 39,533 acres of land, 15 farms, more than 100 residential properties, and 27 commercial properties.

The deal is help Co-op reduce its debts and focus on its retail and consumer divisions.

“The successful sale of our farms business is another important development for the Co-operative Group,” said Richard Pennycook, interim group chief executive of 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.”

Wellcome Trust boss Danny Truell said: “We believe that we are ideally placed to develop and grow The Co-operative Group’s farms and farm business while providing continuity.”

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