10 Dec 2012

Produce company to keep FloraMax

7:03 am on 10 December 2012

Turners & Growers is hanging on to its flower auction arm, after rejecting offers as too low.

The fresh produce company, which is 73% owned by Germany's BayWa, put FloraMax, a domestic flower auction business, on the block so it could focus its efforts on the pipfruit sector.

But after receiving two underwhelming bids, Turners & Growers has had a change of mind. Chief executive Geoff Hipkins said it will now try and grow its FloraMax.

Last week, the company flagged a loss of between $16 - $19 million for the 2012 year, due to writedowns of its kiwifruit orchards and other assets.