Aberdeen & Northern Marts (ANM) has announced a transformational change to livestock commission rates bringing significant reductions for customers who are shareholders in its co-operative business.
The change will reward the loyalty of those who invest in the Mart and will establish a new industry-wide affordable standard for members selling through the ring.
The reduced rates will only be available to shareholders in the co-operative – one of Scotland’s largest community owned societies, and one of the country’s most successful farming, food and finance businesses.
Commission rates are reducing on all stock – as low as 3 per cent for all sales at Thainstone and Caithness auction marts from 1st January 2020. The maximum charge will fall to 3.5 per cent.
The changes are part of a strategic move by ANM to build greater value for members and to reward their loyalty to the business, which has been community-owned since 1872.
The aim is to ensure that as much of the region’s farming industry as possible can benefit from the newly reduced member rates, whilst also receiving an annual dividend on their investment. The aim is to make it more accessible, and more attractive than ever before to access the best commission rates in the industry. For all other livestock customers, commission rates will be held at the current levels.
Grant Rogerson, Chief Executive of ANM Group, said: “This announcement transforms our offer for those with livestock to sell, and who are looking for access to one of the most vibrant markets in the UK, at commission rates that set new standards in value for the farming community.
“However, access to these rates will be exclusive to the members of our co-operative – existing and new customers can easily unlock these rates by investing as little as £500 in our community-owned business.
“At a time of uncertainty and change for the entire rural economy, this will be a significant boost to members, rewarding their continued loyalty. As an innovating co-operative, we fully expect that this will provide wider leadership for the entire livestock market sector.
“This positive step will further enhance benefits for members. But this is just the start – the more members that use the Mart, the more we can support them and their businesses. That’s the unique benefit of our co-operative business model.”
The co-operative is looking to build on record recent share investments in the business with an accessible £500 minimum investment opening up the new preferential rates for new members. Existing members with the minimum shareholding and above will be entitled to the new rates.
There will be no change to the service provided for those selling at Thainstone and Caithness marts, with continued inclusive provision of eve-of-sale and post-sale lairage, stock preparation, tagging and advice on lotting provided by the experienced auctioneering team. ANM will continue to offer same-day settlement and short and long-term livestock finance schemes.
Pete Watson, Chairman of ANM Group, said: “We are proud of these positive changes and want to ensure that more and more farmers across the region take advantage of the transparency and best value that is on offer by selling in the ring.
“We’ve arranged a special board meeting towards the end of December to allow us to approve new member applications, ensuring everyone who wants to, can take advantage of the new rates from 1st January 2020. We look forward to welcoming many new members to our co-operative.”
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