Agricultural Contract & Marketing Company Ltd

Other

Funds Raised

£55,000.00

Final AER

16.64%

Loan term

60 MONTHS

Auction Closed

2014-07-07

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: Agricultural Contract & Marketing Company Ltd Company Number: 3007999
Business Type: Other Years Trading: more than 10 years
Business Location: Driffield

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

Personal Guarantee - PG from Mr Stephen Curtis

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

ACMC

ACMC is an international operation offering a complete in-house breeding programme designed to create high quality stock. Their advanced genetic research and development programme has enabled breeding animals to suit all pig farmer requirements. They believe that applying their combination of leading edge systems and advanced genetics in a controlled environment, they have produced a new standard of stock for the future. ACMC pigs are ideal for the processor. Their specifically developed breeding hub programme provides the specialist boars that, when put to their highly prolific hybrid female the AC1, produce a bespoke breeding pig. Whether your need is for a pig to meet the most stringent contract requirements at all slaughter weights from light pork to heavy pigs, or to deliver the highest quality to a niche market, they can provide the pig you want.

During the year 2000 ACMC went into partnership with Smithfield Foods Inc. (USA) for a joint generic programme on pigs. Smithfield are the largest pig company in the USA and have enlisted the expertise of ACMC / Stephen Curtis to jointly develop this with full costs been paid by Smithfield. ACMC are one of the market leaders within the U.K. for pig production and generic development.

Their production philosophy is based on high efficiency and high quality. They have made a substantial investment in the appliance of science, time and know-how to develop their own distinctive nucleus lines based on the most advanced genetics in the world.

Read more

Loan Offers

What is the loan for?

The proposed loan is to develop existing pig development units via enhanced feeding equipment and technology. In particular via a combined 'fire feed system'.

This system is not something that a normal asset finance company would consider due to the nature of the equipment and the integral build structure to the floor of the building's.

This system assists to measure out and dispense the correct amount of food per pig to ensure the pig reaches the correct structure, weight and condition. All data is collated via a central computer system so that each and every pig can be monitored and matched against its generic breeding line. A visit to this business's website is highly recommended to gain a more expanded view into their activities, markets and breeding programmes.

Why consider investing?

ACMC's in-house breeding operation supplies all their farms with the industry's best genes, produced through company controlled scientific and testing programmes. They use AI, maintain a gene data bank and comply with rigorous health management regimes to produce hardy lines. These are now achieving a level of production only seen at the highest commercial level. The ACMC fully-integrated, multi-suckling, three site production system with its controlled source of genetics, feed, housing, management and health, produces high-performance pigs suitable for all environments. The ACMC slaughter generation is a bespoke pig giving maximum economic margin as well as meeting the most stringent standards of yield and quality of lean tissue. Ideally suited for slaughter processors requiring a product which can be tailored for individual or niche markets. The ACMC hybrid pig, the AC1, is the perfect parent female, ideally suited to all types of management systems, intensive or extensive. It is used on their own breeding farms, rearing large numbers of pigs per year to the highest industry standards.

Although ACMC has several pig units throughout the U.K. the head office at Beeford consists of a very large manor house which has been converted to modern offices. To the rear and sides of this are large pig processing units which cover an approximate area of 10 – 15 acres.

During the last year Stephen Curtis sold 9,980 acres of arable land owned by him and reduced the company bank borrowing by £2m and at the same time invested £1m into ACMC as pref shares. Bank borrowings from their bank has therefore been reduced from £3m to £800k.

East Yorkshire is the largest pig production area within Europe, ACMC are located in the heart of this and are only 20 miles from the largest meat processing plant in the U.K., Malton Bacon Factory, owned by the Uniq plc.

Notes on Accounts

the Audited YE June 12 Accounts contain a note of Fundamental Uncertainty and Limitation of Scope

Security

The loan is to be secured against a Director's Personal Guarantee.

The director has an estimate net worth of £694k primarily from equity in three properties. The combined estimate value of the properties is £2.4m with an estimate combined equity of £1.2m

DateAmountCapitalInterestReceived
08/08/2014£1,356.27£593.60£762.67
08/09/2014£1,356.27£601.83£754.44
08/10/2014£1,356.27£610.18£746.09
08/11/2014£1,356.27£618.64£737.63
08/12/2014£1,356.27£627.22£729.05
08/01/2015£1,356.27£635.91£720.36
08/02/2015£711.54£0.00£711.54Interest only
08/03/2015£711.54£0.00£711.54Interest only
08/04/2015£711.54£0.00£711.54Interest only
08/05/2015£1,356.27£644.73£711.541565 days overdue
08/06/2015£1,356.27£653.67£702.601534 days overdue
08/07/2015£1,356.27£662.74£693.531504 days overdue
08/08/2015£1,356.27£671.93£684.341473 days overdue
08/09/2015£1,356.27£681.24£675.031442 days overdue
08/10/2015£1,356.27£690.69£665.581412 days overdue
08/11/2015£1,356.27£700.27£656.001381 days overdue
08/12/2015£1,356.27£709.98£646.291351 days overdue
08/01/2016£1,356.27£719.82£636.451320 days overdue
08/02/2016£1,356.27£729.81£626.461289 days overdue
08/03/2016£1,356.27£739.93£616.341260 days overdue
08/04/2016£1,356.27£750.19£606.081229 days overdue
08/05/2016£1,356.27£760.59£595.681199 days overdue
08/06/2016£1,356.27£771.14£585.131168 days overdue
08/07/2016£1,356.27£781.83£574.441138 days overdue
08/08/2016£1,356.27£792.67£563.601107 days overdue
08/09/2016£1,356.27£803.66£552.611076 days overdue
08/10/2016£1,356.27£814.81£541.461046 days overdue
08/11/2016£1,356.27£826.10£530.171015 days overdue
08/12/2016£1,356.27£837.56£518.71985 days overdue
08/01/2017£1,356.27£849.17£507.10954 days overdue
08/02/2017£1,356.27£860.95£495.32923 days overdue
08/03/2017£1,356.27£872.89£483.38895 days overdue
08/04/2017£1,356.27£884.99£471.28864 days overdue
08/05/2017£1,356.27£897.26£459.01834 days overdue
08/06/2017£1,356.27£909.71£446.56803 days overdue
08/07/2017£1,356.27£922.32£433.95773 days overdue
08/08/2017£1,356.27£935.11£421.16742 days overdue
08/09/2017£1,356.27£948.08£408.19711 days overdue
08/10/2017£1,356.27£961.22£395.05681 days overdue
08/11/2017£1,356.27£974.55£381.72650 days overdue
08/12/2017£1,356.27£988.07£368.20620 days overdue
08/01/2018£1,356.27£1,001.77£354.50589 days overdue
08/02/2018£1,356.27£1,015.66£340.61558 days overdue
08/03/2018£1,356.27£1,029.74£326.53530 days overdue
08/04/2018£1,356.27£1,044.02£312.25499 days overdue
08/05/2018£1,356.27£1,058.50£297.77469 days overdue
08/06/2018£1,356.27£1,073.18£283.09438 days overdue
08/07/2018£1,356.27£1,088.06£268.21408 days overdue
08/08/2018£1,356.27£1,103.15£253.12377 days overdue
08/09/2018£1,356.27£1,118.44£237.83346 days overdue
08/10/2018£1,356.27£1,133.95£222.32316 days overdue
08/11/2018£1,356.27£1,149.68£206.59285 days overdue
08/12/2018£1,356.27£1,165.62£190.65255 days overdue
08/01/2019£1,356.27£1,181.78£174.49224 days overdue
08/02/2019£1,356.27£1,198.17£158.10193 days overdue
08/03/2019£1,356.27£1,214.78£141.49165 days overdue
08/04/2019£1,356.27£1,231.63£124.64134 days overdue
08/05/2019£1,356.27£1,248.71£107.56104 days overdue
08/06/2019£1,356.27£1,266.02£90.2573 days overdue
08/07/2019£1,356.27£1,283.58£72.6943 days overdue
08/08/2019£1,356.27£1,301.38£54.8912 days overdue
08/09/2019£1,356.27£1,319.42£36.85Not Due
08/10/2019£1,356.27£1,337.72£18.55Not Due
Total:£55,000.00£28,510.82