Biggest Island farmers to be sold to UK giant?

Thursday 09 January 2014

Jersey Royal Company Ltd is in takeover talks with Produce Investments PLC.

Reports in the national media suggest the Island's largest exporter of Jersey Royals could be bought out by one of the UK's leading potato businesses.

In a statement issued today Produce Investments PLC said: "The Company notes the recent press speculation regarding a potential transaction with the independently owned Jersey Royal Company and can confirm that the Company has entered into heads of terms (the “Heads of Terms”) and has agreed a period of exclusivity in relation to a potential acquisition of the Jersey Royal Company.

"The Heads of Terms are non-binding and subject to due diligence which is progressing. The company will make a further announcement in due course if appropriate."

But the Jersey company denies it is selling out.

Director of Sales & Marketing, William Church said: "We've been wanting to align ourselves with one of the UK's major companies for a long time and have been in discussions with Produce Investments since 2005. Those talks may be further forward but they are subject to changes and we are certainly not selling out."

The company bought a pack house in Kent back in 2009 to ensure a year round presence when talking to retailers. The company runs Jersey and UK operations, growing, harvesting, packing and marketing Jersey Royals.

Mr Church said there was no truth in the reports in the UK media that the company was partly owned by by Scottish-based and family owned Albert Bartlett, one of the biggest potato suppliers in the UK.

The Jersey Royal Company Ltd employs over 500 people at the peak of the season and grows over 1800 hectares of Jersey Royals, producing approximately 25,000 tons annually.

Outdoor planting of this year's crop began this week.