Buffalo Farm owner reacquires business through pre-pack administration

Buffalo Farm owner reacquires business through pre-pack administration

Fife business The Buffalo Farm will return to the ownership of founder Steve Mitchell through a pre-pack sale.

Through a pre-pack administration sale, Mr Mitchell has bid for the company’s assets, aiming to secure the jobs of 60 employees and safeguard his herd of buffalo.

In 2019, the business raised £800,000 through a crowdfunding campaign for the construction of a manufacturing facility, milking parlour and slurry store to enable production of buffalo mozzarella. The pre-pack administration sale means that individuals who invested thousands of pounds into the business will not receive promised returns.

The company has said all existing orders will be honoured and delivered, and both the shop and the bothy will remain open, Fife Today reports.

“We are taking a huge gamble starting up again,” Mr Mitchell admitted. “I can’t make any legal commitment to founders, but repaying them is a huge motivation. In some way, we will make good but I have no idea how that will pan out at this stage.”

The Buffalo Farm, which first launched in 2005, fell into administration due to mounting debts exacerbated by the combined economic impact of Covid-19, soaring energy bills, and other economic influences.

Mr Mitchell acknowledged the immense support received from the local community and across the UK, stating: “One of the proudest things I have ever achieved was that people believed in me that much – to have to make this move is gut-wrenching.”

Moving forward, the founder’s plan is to consolidate operations, make improvements with a limited budget, and enhance the company’s longevity.

Share icon
Share this article: