THE sale of Scottish livestock auction company John Swan & Sons to Carlisle-based H&H Group has officially concluded.
The £8.2 million deal, which adds John Swan’s marts in Newton St Boswells and Wooler in Northumberland to the seven operated by H&H, has created the UK’s biggest mart-based livestock auction business.
The acquisition, which was agreed in July at a price of £13.50 per John Swan share, gives H&H Group significant property interests held by the Scottish company in Edinburgh. It also brings the opportunity for H&H Group, whose auctions trade as Harrison & Hetherington, to market its land agency and insurance business in Northumberland and the Borders.
H&H Group chief executive Brian Richardson explained the deal came as the company had been actively looking to build its presence in Scotland, where it had one mart, in Lockerbie, but was active through its land agency and insurance business.
Mr Richardson said: “Livestock numbers aren’t increasing so if we want to develop it is very much by increasing market share... then looking geographically about where we can expand into.
“I think the Swans business with markets at St Boswells and Wooler were as near a perfect fit as we could get.”
The new owner has pledged to invest in the Scottish business in areas such as IT systems to boost the experience for customers at the auctions. The 40-strong team of the previously listed John Swan plc have all transferred to H&H, with integration expected to take three to six months.
James Allen, chairman of John Swan & Sons, said: “The amalgamation of John Swan Limited and Harrison and Hetherington Limited, should ensure strong markets at both Wooler and St Boswells going forward, which will be good for agriculture in Northumberland and the Borders.”
Separately, H&H announced profits of £1.15m for the year ended June 30.
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