AN AWARD-WINNING Scottish buffalo farm has gone bust with jobs at risk.
The Buffalo Farm was first launched in Auchtertool, Fife, in 2005. It includes a farm, shop, cafe and buffalo mozzarella business. But mounting debts led to the firm being forced into administration.
Owner Steve Mitchell has managed to get the backing of new funders and has submitted an offer with administrators that could salvage the business and the jobs at risk.
The news was broken to investors in an email yesterday according to Fife Today.
READ MORE: Scottish farmer in £800k buffalo mozzarella moo-ve
He said: “Despite my best efforts and determination to bring our vision to reality, we have fallen short due to an economic climate impacted by COVID, wars, soaring energy bills, cost-of-living crises and TB that just weren’t foreseen by anyone. All of this has meant that our debts have mounted to a level we simply could no longer sustain.”
He added: “I was trying to come to terms with telling my incredible employees they would need to be made redundant, watch as the herd of buffalo were sold off - or worst, destroyed - and the rest of the company broken up and sold off.
“However, a chance conversation with a friend and founder, who, after discussing our plight, has offered to help by providing a loan to buy the company assets from the administrator – on two conditions. Firstly, they want nothing to do with the day-to-day running of the company, and secondly, I take on full responsibility.
“He has convinced me that my vision and my plans for the Buffalo Farm are correct, and it has been more down to timing and external factors than a lack of hard work and misjudgement. I feel a huge responsibility to all who have supported us, and it's not in my nature to walk away, and as such, I have accepted the offer of a loan and started a new company and have bought the business and assets from the administrators and all being well save as much as we can of what we have worked so hard to create.”
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