The Goulburn Valley Food Co-operative's plans for a factory in Kyabram are on hold.
The Goulburn Valley Food Co-operative has put plans for a processing factory in Kyabram on hold for the time being with the collapse of Banksia Securities Limited contributing to the group’s decision.
In a newsletter to members, co-operative chairman Les Cameron said the group had ‘‘reluctantly’’ made the decision because of difficulties in reaching the financial target needed to have a functioning factory by next May.
‘‘The task was made much more difficult by the collapse of the local Banksia Investment Trust. This affected many in the local community including former Heinz workers who had invested their redundancy payments with Banksia,’’ Mr Cameron said.
‘‘While much of this money will be recovered it will take time and in the meantime the community is both short of accessible funds and, naturally, cautious about making any kind of new investment
‘‘For now at least, raising funds for the new factory has proved to be just that bit too big a challenge for us.
‘‘We simply cannot guarantee the funds needed in time to meet the deadlines we had set for building and equipping the factory.’’
Mr Cameron said the next few months will be used to review the co-operative’s progress and decide what can be done to make the factory happen in the future.
He said Scott Collins, the owner of the proposed Kyabram factory site in Wood Rd, will still construct a building on the site to the original warehouse design.
‘‘He has indicated that he’d be happy to see this converted at a later stage to the kind of factory/food hub we had planned, if and when we are ready to proceed,’’ Mr Cameron said.
‘‘The work so far is far from a failure and it will continue.’’
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