ANGUS CEREALS Limited has gone into administration ahead of this year’s cereal harvest, much to the concern of its 69 members – and the race is now on to find a purchaser who will take the business on as a going concern.

The farming co-operative entered administration following financial difficulties, with the appointment of Iain Fraser and Tom MacLennan, partners at business advisory firm FRP Advisory LLP, as its Joint Administrators.

Angus Cereals was formed in 2011 and runs a 40,000-tonne capacity storage facility at Montrose Harbour, which has been developed and improved over the last number of years with circa £7m being invested in total.

Mr Fraser said: "Angus Cereals has played an important role for the agricultural community in the east of Scotland.

"Unfortunately, it has not been possible to secure the future viability of the business, and the board has been left with no alternative but to appoint administrators,” he explained.

"We are now actively seeking a buyer for the assets at Montrose and are hopeful that this can be secured in time for the 2018 harvest."

Conversations are ongoing with Angus Cereals’ 69 members who are all based on the East coast of Scotland. Updates are expected soon in order to allow for preparation for the 2018 harvest, however FRP have insisted that it is still early in the progress, given the announcement was only made on Thursday July 12.