Wynnstay, the agricultural and retail group with operations in Shropshire, Staffordshire and Warwickshire, was on the takeover trail yesterday, snapping up specialist firm Glasson in a deal worth £2.5 million.
Established in 1977 and based at Glasson dock, near Lancaster, Glasson Group is involved in the importation, shipping and trading of animal feed materials together with fertiliser blending and the manufacture of pet and speciality products.
In the year ended May 31 2005, Glasson Group generated sales of £36.3 million and operating profits of £261,000.
For the year ended May 31 2006, Glasson is expected to have performed similarly to the previous year.
Wynnstay said the takeover was in line with its strategy of acting as a consolidator in the agricultural supplies industry, while at the same time developing its joint venture activities.
The Wales-based operation added that Glasson Group complements the activities of Wynnstay's Arable and Feeds Divisions as well as some of its joint ventures.
It also widens Wynnstay's reach, adding a new customer base that extends throughout the North of England to the South of Scotland.
John Davies, Wynnstay's chairman, said: "Malcolm Lowe, the founder and chairman of Glasson Group, has developed a successful, well managed business over a number of years.
"The business fits well with Wynnstay's activities and we look forward to working closely with the management at Glasson to develop the business further in the future." Shares closed down 2 1/2p at 216 1/2p.