A grain storage co-operative, based at Medina Wharf on the Isle of Wight, has helped safeguard its future thanks to a new 20-year lease, signed with the port operator and logistics firm, PD Ports.
Isle of Wight Grain Storage Ltd, which handles 90% of arable crops grown on the Island, has seen volumes more than double in the past two decades. The company agreed a new contract with PD Ports in 2010 giving them a more secure tenure and the confidence to invest again on the Island.
The contract had led to a £400,000 project to develop Hopper bottomed silos which was aided by a SEEDA (South East England Development Agency) grant. Due to the shape of these new silos grain intake will speed up and ship loading ability will be improved.
Chris Sprackling, General Manager of Isle of Wight Grain since 1989, spoke of the new PD Ports lease: "Since the new contract has been signed we feel that Isle of Wight Grain is now secure for the next 20 years, and in best position to handle the Island’s arable produce."
Michael Dowson, Group Property Development Manager at PD Ports commented: "We were delighted to forge the deal with Isle of Wight Grain, which represents a sizeable and long-established market on the Island, and is consequently of economic importance to many residents. The grain will be efficiently exported through our dock to ports around Europe, and is an encouraging boost to local agricultural businesses during otherwise volatile market conditions."