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Beston Global To Close After Failing To Attract Buyer

November 27, 2024 5:04 pm in by

Local dairy workers at Beston Global will lose their jobs after administrator KPMG has been unable to find a buyer.

159 workers and 22 farmers across the Jervois and Murray Bridge sites have been in limbo since the company went into voluntary administration on the 20th of September.

While several companies expressed interest in buying the company, administrators say they haven’t been able to put forward binding offers in time to be viable.

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Milk production will end next Friday, with infrastructure at Jervois and Murray Bridge to be auctioned off.

Two dozen dairy farmers in SA are owed more than $10 million dollars for milk supplied to Beston Global, equating to approximately 160 million litres across the last financial year.

A second meeting of creditors is expected to be convened early next year, where they will decide if the company is placed into liquidation or whether a Deed of Company Arrangement can be accepted.

SADA president Rob Brokenshire says while the news is a big blow to the industry, SA farmers are resilient and his organisation will assist their members in protecting their interests into the future.

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