Greensills back Bundaberg investment finance meltdown

The Greensill family has moved to reassure Bundaberg that it remains committed to its hometown despite the imminent collapse of son Lex’s global financial empire.

Brothers Peter, Lex and Andrew Greensill.

THE Greensill family has moved to reassure Bundaberg that it remains committed to investing in its home town despite the imminent collapse of its global financial empire.

The Greensills say the expansion of their Qunaba farm on the outskirts of the Queensland sugar city, including new packing sheds and a green waste depot, was nearing completion.

The announcement was posted on the Greensill Farming Group Facebook page on Friday, the same day as Bundaberg Mayor Jack Dempsey sought assurances from the family that its substantial agricultural operations would be not affected by the plight of Greensill Capital, the multi-billion dollar financial empire founded by Lex Greensill.

“From humble beginnings, Greensill Farming has built a legacy spanning three generations of farmers,” Greensill Farming said on Friday.

“We are now in our 76th year of farming in the Bundaberg region and pride ourselves on continuing to evolve, research and invest in agriculture.”

The family said the Qunaba development, including a recycling business called Green Solutions Wide Bay, was now in its final stages and nearing completion.

“We are excited to see Green Solutions Wide Bay open to begin accepting green waste from the general public free of charge,” Greensill Farming said.

Peter Greensill.

“We would like to take this opportunity to thank everyone who has worked with us and been involved with these projects over the past 18 months.

“While sweet potatoes, sugar cane, peanuts and broadacre crops remain the heart of our business, Greensill Farming will continue to grow and progress through innovative practices to ensure we achieve sustainable farming for our next generation of farmers.”

Greensill Farming Group applied to the Bundaberg Regional Council in 2019 to expand its machinery and packing shed at Qunaba.

The existing facility mostly processed sweet potatoes but expansion allowed for additional produce to be processed on site. The plans also included the construction of a new loading dock, the expansion of an existing loading dock to accommodate up to five trucks as well as providing seventy-three new parking spaces.

The Greensill clan, along with their interest in UK-based Greensill Capital, now run one of the biggest commercial farms in Bundaberg, employing hundreds of workers and exporting thousands of tonnes of sweet potatoes, melons and sugar cane.

But with Greensill Capital teetering on the edge of insolvency after big international lenders suspended $US10bn of investment funds, there is growing concern any collapse will be felt in the city of almost 100,000 people.

Bundaberg Mayor Jack Dempsey said Friday he had spoken to Greensill Farming chief executive Peter Greensill and personally received assurances that the farming operations remain unaffected by the global troubles of Greensill Capital.

Originally published as Greensills back Bundaberg investment finance meltdown