Iain Fraser and Tom MacLennan, partners at specialist business advisory firm FRP Advisory LLP, have been appointed as joint administrators of Angus Cereals Limited.

Angus Cereals is a farming cooperative which stores and sells grain on behalf of 69 members across the East Coast, and was first operational for the 2011 harvest.

It operates a 40,000-tonne capacity, state of the art storage facility at Montrose Harbour which has been developed and improved over the last number of years with around £7 million being invested in total.

Mr Fraser said: “Angus Cereals has played an important role for the agricultural community in the East of Scotland. Unfortunately, it has not been possible to secure the future viability of the business, and the Board has been left with no alternative but to appoint administrators.

“We are now actively seeking a buyer for the assets at Montrose, and are hopeful that this can be secured in time for the 2018 harvest.”