RITCHEY, the Masham-based agricultural company, has been sold as part of a £3.25m deal.

Parent company, Animalcare, has sold it and Fearing International, of Northampton, to Tru-Test UK.

The new owners have given assurances that all 59 jobs in Masham and the 14 in Northampton are safe.

Animalcare, a leading supplier of medicines to vets and agricultural markets, has decided to concentrate on that market and sell its agricultural businesses.

Tru-Test UK is a wholly-owned subsidiary of Tru-Test, a New Zealand-based agricultural technology company.

It is keen to expand its European operations.

Ritchey and Fearing both focus on supplying livestock identification and welfare products to agricultural retailers and farmers throughout the UK and Republic of Ireland. Ritchey has also developed some key export markets.

As at June 30 last year, the agricultural businesses had net assets of £4.83m, including fixed assets of £1.08m and stock of £850,000.

In the year to that date, they contributed about £570,000 of operating profit before impairment of goodwill and tax on revenues of £7.12m.

The service contracts of all the employees will transfer on completion of the disposal.

The group is expected to announce a decision on the future of its loss-making Travik Chemicals business, in Newton Aycliffe, which employs eight people, in due course.

James Lambert, chairman of Animalcare, said: “With approximately 80pc of Group profits being generated from the Animalcare veterinary medicines and supplies business, the board has decided to focus all its resources on optimising the growth of the veterinary business.”