An Australian livestock finance company will be sold as a going concern, after its parent entity was placed into voluntary administration by shareholders last week.
Agrifunder is a Melbourne based agricultural finance company which has operated in Australia since 2018.
Last Thursday, March 2, Agrifunder Holdings Pty Ltd, the non-trading holding company and ultimate parent of Agrifunder Pty Ltd, appointed Keith Crawford and Matthew Caddy from McGrathNicol as administrators of Agrifunder Holdings Pty Ltd.
Mr Crawford said the lenders which backed that facility were “supporting the process’’.
An article in The Australian, quoting Agrifunder founder and managing director Damian Burgi, reported that a shareholder loan to the company was not refinanced, and accordingly the business appointed a sale advisor to put up the business for sale as a going concern.
Mr Burgi told Beef Central that the administrators’ appointment relates only to Agrifunder Holdings Pty Ltd and does not extend to any of its subsidiaries and their operations, “which will continue unaffected”.
Agrifunder Pty Ltd continues to operate on a business-as-usual basis and remains under the control of its Director and management team, he said.
“There are no changes to any terms of business.
“The Administrators will shortly commence a sale process of the operating business as a going concern.
“It is envisaged that the new owner will continue to operate Agrifunder Pty Ltd on the same basis whilst looking to grow the business. ”
Agrifunder offers up to 100 percent funding for selected operators who are finishing cattle or sheep for domestic and export markets, with security taken over the livestock and the loan repaid on the sale of the animals.
Dont sell to overseas investors.