An Update on Beston
28 April 2025
Support for South Australian Dairy farmers impacted by Beston closure
28 April 2024
The South Australian Dairyfarmers' Association welcomes the announcement that South Australian Dairy farmers impacted by the collapse of Beston Global Food will receive financial support through a State Government assistance program.
SADA will administer the program in line with government expectations to help farmers left out of pocket re-establish themselves and grow.
The grants will be available to dairy farmers listed as creditors in the Beston liquidation process, to enable them to invest in farm modifications, pay invoices or accounts, or reduce working capital debt facilities.
Quotes Attributable to Robert Brokenshire, President, SA Dairyfarmers’ Association
SADA will work with affected milk supplier to submit a plan for how they intend to utilise the funding to support each business’ requirements. We appreciates the understanding and support the State Government has shown.
The State Government is committed to a strong dairy industry as outlines in the SA Dairy Industry Action Plan 2024-2029 and this support to those Beston farmers is paramount to the sustainability of the billion dollar SA dairy industry.
The Beston Farmers have had a double whammy, with the impact of a severe drought like all other farmers, but further complicated by not receiving significant milk payments for milk they had produced.
This will help them to get through a very tough situation and also be able to pay creditors in the regions that have been waiting many months for their payments of goods supplied to those farmers.
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Media Contact: Andrew Curtis | 0419 037 569
5 July 2024
Beston Global Food Company Ltd has requested an extension to the existing suspension of trading in the Company’s securities as they are not yet in a position to make an announcement about its future funding arrangements. This does not mean that Beston will cease to operate. In fact the company is committed to continuing milk receivals and to improving its payment terms to those experienced over the past few months.
SADA maintains an open dialogue with Beston management.
Beston is currently in negotiations on alternative funding arrangements to refinance the existing debt and to provide working capital for the funding needs of the Company. Interest has been provided from parties who are currently undertaking due diligence on the Company to determine if a refinancing will be offered as indicated. The timetable for coming out of suspension is predicated on finalisation of the terms of a potential funding and completion of documentation. The Company expects it will be in a position to provide an update on that funding by 5 August 2024.
If any members would like to discuss their personal circumstances regarding Beston, please call or text Andrew on 0419 037 569