Chinese default on Great Southern dairy deal
Ravenhill Dairy has been taken off the market after the sale of the Narrikup-based company fell through last week.
The Ravenhill family, who have owned and run the dairy for more than 20 years, confirmed they will not seek a new buyer following the news the sale, to an undisclosed Chinese company, had not settled.
Elders Real Estate sold the business and enterprise in January for an undisclosed amount and it was due to be settled in August, but it was confirmed late last week the deal had fallen through.
“The buyers were given every opportunity to settle and with several extensions, but eventually they were in default,” Elders’ David Treeby said.
“At this stage the Ravenhill Dairy will continue to operate as usual.”
Mr Treeby told the Albany Advertiser in January the Chinese company had planned to keep the Ravenhill brand name and planned to install a high-temperature pasteurisation plant for fresh milk and a milk powder production plant.
They had intended to increase the number of cows and continue to produce to the local market, while also introducing exports to China.
Owner Jan Ravenhill who, with husband Graham and their three sons have owned and run the dairy for more than 20 years, confirmed the sale of the dairy was not going ahead.
“It will be business as usual,” Mrs Ravenhill said on Friday. “We just have to keep going.”
Having intended to step away from the business when the property was put on the market more than two years ago, Mrs Ravenhill said the family were now “succession planning”.
“At some point my husband and I need to step back from a busy dairy,” she said. “We’re not looking to find a new buyer.”
The family owned business was on the market for more than 18 months before it was sold. The 950ha farm had laid claim to be the third-biggest dairy operation in WA.
