Farmway - a leading farmer controlled business in the north of England is to change its status from an Industrial and Provident Society to a Private Limited Company.
This conversion marks a new era for Farmway’s business, which was established in 1964, and provides a platform for taking the business forward.
Farmway’s Chairman, Malcolm Rayfield, said: “This conversion gives us greater flexibility in how we run our business for the benefit of our customers and shareholders in the rural communities we serve throughout the North-East.
“I am really pleased with the overwhelmingly positive endorsement we have received from our Members.”
“Whilst the legal structure of our business will change as a result of this conversion I’m pleased to confirm that Farmway will continue to trade with its customers and partners as before, all day to day contacts with Farmway will remain the same – it really is business as usual,” he added.
The conversion was approved at a Special General Meeting of the company held at Stokesley, following the company’s Annual General Meeting with a 97% majority of members voting for the conversion.
Peter Hull, Farmway’s Chief Executive, added: “This conversion is a key part of the overall strategic development of our business.
“Whilst our core philosophy remains the provision of expertise and cost-effective agricultural inputs, the new structure will enable the Business to seek opportunities to develop the products and services offered to Farmway customers.”
Following the conversion three members of the executive team have been appointed to the Board as directors of the company.
Peter Hull is Chief Executive, Simon Bishop is Operations Director and John Richardson is Finance Director and Company Secretary.
All existing members of the board, including the farmer directors will continue to serve on the board during the transitional process.
Malcolm Rayfield was re-elected as Chairman and John Seymour will continue as Vice Chairman.