Fresh-produce company Greenyard has announced that it has divested its UK flower business to Yellow Holdings Ltd. for an undisclosed sum.
Earlier this year, Greenyard Flowers UK was put up for sale after an internal strategic review identified the division as a non-core activity for the company.
Greenyard Co-CEO, Marc Zwaaneveld, said, "The decision to divest Greenyard Flowers UK fits within Greenyard’s Transformation Plan and updated strategy.
"We are glad to have reached an agreement reflecting the quality of the assets of Greenyard Flowers UK and are confident the experience, business case, and vision of Yellow Holdings Ltd. ensures continuity and growth of the company."
Yellow Holdings is led by Alex Newey, the director of the Pebble Group and managing director Gilles Deprez.
'A Great Opportunity'
Alex Newey, director of the Pebble Group commented, "This is a great opportunity for us to bring together the flowers from Greenyard Flowers UK with the plants business we operate in our organisation.
"It is a further demonstration of our commitment to continual investment in agriculture and horticulture both in production and provision of managed services."
Greenyard Flowers UK, formerly known as Winchester Growers, is one of the leading in growers, packers, and distributors of daffodil flowers and bulbs.
It grows flowers on around 2,700 acres of land located in Varfell, near Penzance, and harvests and sources more than 500 million stems annually.