Food and Beverage Business

Roebuck in Ireland Sells Dairy Division

Roebuck in Ireland Sells Dairy Division Dairy & Soy Food Food and Beverage Business

Ireland-based Roebuck Food Group has divested its dairy business to an Irish dairy milking industry partnership.

The sale of Cantwellscourt Farm subsidiary, at €1.45m ($1.57m), marks Roebuck’s exit from dairy farming.

After settling debts, the company will receive €1.3m.

Cantwellscourt Farm, with 183 hectares and approximately 470 milking cows, produces 2.2m to 2.4m litres of A2 milk annually.

In the year ending December 31, 2023, the dairy division generated €1.6m in revenue but incurred a €500,000 loss after tax, with net assets at €1.44m.

Roebuck plans to allocate the funds for future acquisitions, investments, and general corporate purposes.

The company’s annual report for 2023 emphasizes a shareholder value focus through efficient capital allocation, culminating in the dairy division sale.

Prior to this, Roebuck sold its Norish cold storage unit to Japan’s Nichirei Corporation for €74m in 2021. Its portfolio also includes Townview Food Solutions and recently acquired Moorhead & McGavin.

In the full-year 2023 results, group revenue declined by 15% to £26.7m ($34m) while operating profit from continuing operations turned into a £1.66m loss.

The financial year’s loss from continuing operations amounted to £1.85m compared to a profit of £156,000 in the previous year.

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