Countrywide Farmers, which announced its intention to explore the potential sale of its retail business in April, has confirmed that it has entered into exclusive discussions with Mole Valley Farmers.

This process and negotiation of detailed terms is expected to take a number of weeks to conclude, with Countrywide targeting completion by the end of the year.

A spokesman for Countrywide said: “This represents an excellent opportunity to secure the future of the retail business with an established sector leading company for our customers and employees.”

Countrywide also confirmed that it has completed the sale of its 80 per cent shareholding in MSF Welland Valley Feeds to the existing management team for a consideration of £1 million.

MSF Welland Valley Feeds comprises a single retail store based in Market Harborough which operates as an entirely standalone business. Net proceeds from the sale will be utilised to reduce bank facilities.