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William Sinclair

  • BY: Andrew Hore |
  • POSTED: 23/03/2010 |

Horticulture and garden products supplier William Sinclair has provisionally agreed with Natural England about the future of the Bolton Fell peat bog operations and the compensation due to the company.

The interim agreement involves an advanced payment of 9m to Sinclair, which will be made on 12 April. There is still work to do on assessing the full compensation payable. Sinclair believes it should be much more than 9m. If no agreement is reached by the end of November 2011, then it will be referred to the Lands Tribunal for a decision.

Sinclair will stop harvesting peat on the site by November 2013.

Sinclair will use some of the cash to finance the amalgamation of its peat operations on one site.

Earlier this month, the Environment Secretary announced the phasing out of peat in compost material. Sinclair has peat free products which can fill the gap.

At 107.5p a share, up 8.5p on the day, Sinclair is valued at 17.8m.

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