Allied Farmers is restructuring its livestock business and is planning to start  afresh in the new year with a company called New Zealand Farmers Livestock Limited.

The company will be a joint venture, 70 per cent owned by Allied, and 30 per cent by stock agents.

Steve Morrison, Rural Chief Executive says the aim is to be the largest 100 per cent New Zealand –owned livestock agency, with agents based in the Waikato, Taranaki, Manawatu and the King Country.

Mr Morrison says Allied Farmers has been working on the joint venture for several months after losing agents to competitor Wrightsons.

The new company will have its own board and be financed and run independently of other Allied Farmer operations.

The Allied Farmers group dates back to 1913 when a group of Taranaki farmers formed the Farmers Co-operative Organisation of New Zealand Limited.