Labelle, Welltree placed into receivership

Labelle, Welltree placed into receivership


Business
Photo by MARTIN PEARSE

Photo by MARTIN PEARSE

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THE news has worsened for the failed R.M. Williams Agricultural Holdings (RMWAH) business, with three more subsidiaries following the parent company into receivership.

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THE news has worsened for the failed R.M. Williams Agricultural Holdings (RMWAH) business, with three more subsidiaries following the parent company into receivership on Tuesday.

Last week PPB Advisory was appointed receiver and manager of the largest free-range organic poultry business in the country, Inglewood Farms, which followed from its initial appointment to the holdings company in late June.

On Tuesday PPB Advisory also took control of R.M. Williams Co Beef, which operates the "Labelle Downs" and Welltree Station floodplain properties in the Northern Territory, and Primary Holdings International Group and PHI Water, which operates organic cropping property "Mirage Plains" in south-west Queensland.

The beef aggregation spans 99,400 hectares nearby Litchfield National Park in the NT and is used to background about 30,000 head of cattle annually for the live export market.

It was purchased at the top of the market in 2009 for a reported $72 million from cattleman Peter Camm.

RMWAH has had the "Mirage Plains" aggregation - which covers about 43,000ha near Cunnamulla - on the market since last year.

The properties have deep alluvial soils on a natural delta floodplain and 32,800 megalitres of secured water licence allocations on the Warrego River.

In the statement, PPB Advisory partner Greg Quinn said the company was "undertaking an urgent review" of all three subsidiaries.

"(PPB Advisory is) working closely with the secured creditor and the respective management teams to ensure operations at 'Labelle Downs', Welltree Station and 'Mirage Plains' continue with minimal disruption," he said.

"The next step is to prepare the businesses for a possible sale and during this time the businesses will continue to trade on a business-as-usual basis.

"We are working with a number of stakeholders to try to secure the future of the businesses and protect the welfare of all livestock."

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