Four Shropshire country stores up for sale as company seeks buyer for retail estate
Equestrian and farming supplier Countrywide Farmers has put all 53 of its stores up for sale – potentially meaning four in Shropshire could change hands.
After falling to a £9.9 million loss last year, the company has continued to face a tough trading environment for its retail division despite some improvement since the year end.
Now it has put its retail estate up for sale, with financial advice firm PriceWaterhouse Coopers appointed to find a buyer.
Among the stores affected will be four in Shropshire – in Bridgnorth, Ludlow, Market Drayton and Whitchurch – plus others in Presteigne in Mid Wales.
The group closed 14 branches in February as it attempted to stem its losses, including one in Leominster, but it has now taken further action.
It will retain its rural energy and turf and amenity divisions after the sale, with both performing well in the early part of the new financial year.
"It is clear to the board that the retail environment remains challenging and that to compete effectively for the long-term will require further rationalisation of the cost base along with potential further investment," the company said in a statement.
"With the operational challenges outlined above, three business units all requiring investment, together with a legacy pension scheme to fund, the board has to prioritise the opportunities that will deliver the greatest returns.
"Countrywide therefore announces today that it has appointed advisors PwC to explore a potential sale of the retail business. The retail business consists of 53 Country Stores supported by a field sales team and back office teams."
The company has also arranged a new banking facility to support its operations.
