Co-op offloads farms business to Wellcome Trust for £249m
The troubled Co-operative Group said it will instead focus on its core retail and consumer divisions.
The money gained from the sale will be used to reduce debt and invest in its core businesses.
The sale includes 39,533 acres of land, 15 farms, more than 100 residential properties and some 27 commercial properties.
Wellcome will take on all existing farms management and employees.
The Co-op has also agreed to sell its 774-strong pharmacy chain for £620m to Bestway Group, in which the proceeds from that deal will also be used to cut the Co-op's debts and increase investment.
The Wellcome Trust backs researchs into improvements in human and veterinary health.
Aswell as being the world's second highest-spending charitable foundation, its achievements include funding much of the sequencing of the human genetic code, and research that enabled the introduction of malaria combatting drugs.
Property and agricultural holdings are also part of Wellcome's portfolio.
The Wellcome Trust said it was "ideally placed to develop and grow" the Co-op's farms and farm business.
No comments posted yet. Be the first to post a comment
Please enter your name
Please enter your comment
Your comment submitted successfully.Please wait for admin approval.
Some error on your process.Please try one more time.
Butchers in the UK are losing a generation through lack of training opportu...
NASA research has revealed how dust blown from the Sahara desert helps supp...
“In the run up to the Budget 2015 most commentators were predicting that th...
The UK’s first fully operational floating solar panel system has been unvei...
Axing the badger cull in England and Wales will save more than £120 million...
By 2025, solar power could become one of the cheapest forms of energy in ma...
Demand for Scottish farm land remains strong and continues to be better val...
The Welsh red meat industry should aim to increase sales by at least 34 per...
Fears about the impact that a proposed transatlantic trade agreement could ...