Following the announcement of reaching a deal with Canadian investment company Fairfax, FBD chief executive Fiona Muldoon told the Irish Farmers Journal that this draws a line in the sand and reaffirms that FBD is not for sale.

She said FBD was “now entering a new phase” and she is “100% committed to driving the group forward”. She added in the face of increased competition, FBD will defend and grow its farm business, while seeking to grow its urban consumer business. Her comments come following the buyback of the €70m bond (loan) it secured three years ago from Fairfax. FBD has agreed to pay €86m to Fairfax and will fund the purchase through cash and the issuance of €50m in new debt, in the form of a 10-year bond at 5% interest rate. This will see FBD save €2.5m in interest annually.