Farmer shareholders at Haverfordwest-based Puffin Produce have relinquished control of the co-operative in a management buyout deal.
The potato, vegetable and flower specialist was majority-owned by its growers in Pembrokeshire but they have sold 50 per cent of their stake in the business to managing director Huw Thomas and finance director Jon Langmead.
Lifecrown Investments, which had a 49 per cent stake in Puffin and has been a partner in the business for over 25 years, acquired the remaining 1 per cent of their shareholding.
Puffin Produce can trace its roots back to the 1970s when it was formed to help farmers market potatoes; it has since built its success on developing robust and sustainable supply chains.
It supplies retailer own-label potatoes, vegetables and daffodils as well as under its own Blas-y-Tir brand.
Rosemarket farmer Richard Hayman, who chairs the company that held the growers’ shares, said the board felt that the time was now right for change.
Source: Western Telegraph