The boards of directors of auctioneers John Swan & Sons (John Swan) have agreed terms to be taken over by Carlisle-based auctioneers H&H Group.
The long-awaited deal values the company, that operates livestock markets in Newton St Boswells in the Scottish borders and Wooler in Northumberland, at £8.2 million, or £13.50 in cash for each John Swan share.
Michael Cowen, chairman of H&H, said: "We have been looking for some time at an opportunity to expand our livestock marketing interests. The John Swan business has an excellent geographical fit and will strengthen considerably our position in Scotland. Both companies have a long heritage and benefit from a loyal customer base, which we hope to build on.
"We believe there will be synergies between the two businesses that can be built on and we intend to focus on increasing the market share of the John Swan business in Scotland and Northumberland, not just through the auctions, but also with farm to farm trading and through the use of new technology.
"We will also look to introduce our land agency and insurance businesses, which have a strong rural connection, into John Swan's market area to develop new income streams for the business and provide the same services to John Swan customers that H&H customers have found beneficial."
Market round-up
United Auctions sold 223 store heifers at Stirling on Wednesday to a top of 291.7p per kg and an average of 226.5p (+7p on the week), while 434 store, beef-bred bullocks peaked at 295.7p and levelled at 225.5p (-8.1p). One-hundred-and-ninety-one store, B&W bullocks sold to 186.8p and averaged 167.2p, while 27 store bulls peaked at 246.8p and levelled at 204.4p.
In the rough ring 156 cows averaged 115.7p.
The Cumberland and Dumfriesshire Farmers Mart had 9 prime cattle forward in Dumfries on Wednesday when heifers sold to 240p and averaged 193p, while bullocks peaked at 217.5p and levelled at 215.8p.
There were 81 OTM cattle presented in the rough ring when beef cows averaged 121.8p and dairy cows levelled at 92.4p.
The firm also sold 721 prime lambs to a top of £75 per head and 186.5p per kg to average 143p (-1p on the week).
The 250 cast sheep forward saw heavy ewes sell to £133.50 for Texels and average £64.74 (+£9.15), while light ewes peaked at £75.50 for Blackfaces and levelled at £48.69 (+£14.71).
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