A dairy farmer who sold his organic dairy farm to an Australian farm owner has described how the business was sold at a loss.
Maggie’s Dairy farm was sold for $5.2 million at a time when it was worth about $3 million, Maggie’s farmer told News.
The farm had an average milk yield of 4.3 litres per day and sold for a loss of $1.6 million, he said.
The business was taken over by a businessman from Australia who used the company to operate his farm for about two years.
It was only a few months into his operation that he realised he had no money to continue farming.
Maggiys Dairy farmer said the businessman used the farm to do his own farming, and the money was not properly invested.
Magiys Dairy owner told Newscom.AU Maggiys dairy owner said he was “very frustrated” with the sale.
“He took over the dairy and then used it for his own personal purposes,” he said, adding the dairy was sold because it was no longer viable.
“I didn’t want him to take over the farm so I sold it and he took it back.”
The farm was used for his personal activities and not for farming, he claimed.
The farmer said he never saw his investment go to waste.
“It was a good investment because I paid a lot of money for it, it was not going to be wasted,” he told NewsCom.AU.
“And I can tell you that this money was invested in good ways, not bad ways.”
That was the main reason why I did it.