Hemp Processor Into Administration

[User]

The economic downturn has forced industrial hemp processor Hemcore to go into administration.

A sharp decline in supplies of its hemp-based products to the building and motor manufacturing industries were major factors in the decision, Ian Carr of administrator Grant Thornton said. But he hoped a deal to secure the future of the East Anglian company could be done soon, preferably in time for this spring’s planting.

Hemcore will continue to trade until a buyer is found, although Grant Thornton will run the business.

Last year the area of contracted hemp was around 2000 acres, but was predicted to hit 20,000 acres by 2011. The company had also just invested £3.6m in a new plant that processed unretted hemp, therefore cutting the time hemp crops were left in the field after harvest.


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Source: FWI
Copyright: 2009 Reed Business Information Limited
Contact: Farming & Agriculture News from Farmers Weekly Interactive
Website: Hemp processor into administration