/Harmony Agriculture back in business

Harmony Agriculture back in business

Concord Agriculture and Meals Agency is again freely buying and promoting Wagyu beef for export, virtually two yrs after it was placeed in liquidation with money owed of $29.4 million.

On the time of settlement final month, a core debt of about $24m – which was owed to Nationwide Financial institution Australia (NAB) and its receivers at the time of liquidation – was lowered to $6.4m.

Merricks Capital agained Harmony group financially, and An further funding of $27.5m was made by primary shareholder Wenfang Wang to primary collectors final yr.

Harmony feeds 17,000-head cattle throughout three feedlots collectively with two owned amenities at Dimboola in western Victoria and Westbeef at Kalannie, WA, and custom-made-feeding F1 Wagyu at Hell’s Gate, southern NSW.

By way of the interval of receiver supervisor appointment, the group proceedd to profitably function its F1 Wagyu current chain and currentd worldwide markets with beef beneath its Black Opal and Omino manufacturers.

HAAFCO chief authorities officer Anthony Fellows led the enterprise through receivership and Is about to proceed as CEO, succeeding Stephen Meerwald, who left the enterprise.

Mr Fellows said As a Outcome of the company emerged from a difficult interval, enterprise Might not be greater placeed To maneuver forward and develop.

“Under the administration of receiver supervisor Ross Blakeley, we have been In a place To take care of our staff and enterprise buildings making sure administrative capabilities are 100 per cent In a place to emerge right now.”

In August 2019, New South Wales custom-made feedlot operator JHW Paterson & Son appointed liquidators to recuperate $5.4m owed by Harmony Operations Australia.

On The identical time the NAB, a safed creditor to Harmony, appointed receiver supervisors to take cost of The company’s belongings.

Mr Fellows said Harmony’s current chain was each full and safe with current companion JHW Paterson, offering surety for all consumers that enterprise would proceed To function at full volumes Finally.

“Over the previous 18 months the enterprise has developed a loyal shopper base worldwidely For every our Wagyu manufacturers,” Mr Fellows said.

“Most currently each our manufacturers have been awarded a quantity of silver and bronze awards Inside the Australian Wagyu Affiliation Branded Beef Awards, demonstrating the Prime extreme quality of our merchandise.

“In looking for re-finance decisions, a quantity of events expressed curiosity in offering options to the enterprise.

“The selection to proceed with Merricks was pushed by their strong beneathstanding of the agricultural sector, further enhanced by their presence in gentle commodities.

“This was deemed important to mitigate hazard in an ever-more and more difficult enterprise environment.”

Merricks Capital head of agriculture Dan O’Donoghue said the enterprise was joyful to finance the restored Harmony enterprise and seemed forward to seeing the enterprise carry out strongly outdoors of receivership.

“This funding builds on our current monitor doc of offering finance to Australian Agricultural companies as we proceed To assist meet the capital hole Inside the sector,” Mr O’Donoghue said.