Trafalgar Property Group (LON: TRAF) has made its first step in its move into hydroponics. The residential property developer has acquired assets and leasehold premises from May Barn Horticultural Consultancy, which is controlled by Trafalgar Property director Dr Paul Challinor, for £30,000.
This is a dedicated research and development site in Nantwich, Cheshire with a five-year lease. Services will also be offered to third parties. Trafalgar Property will concentrate on assessing plant propagation requirements and studies on tissue culture of plant material.
The current work is on lettuce varieties and hydroponic tomato seedlings, as well as seedlings of Nicotiana benthamiana for future development for cosmetics and pharmaceuticals.
The initial decision to move into this area was taken in 2020. Dr Paul Challinor became a director in May and he is seeking opportunities in hydroponics and farming assets. The scope of these opportunities has been widened from food to plants used in cosmetics and pharmaceuticals.
The acquisition is conditional on shareholder approval at a general meeting on 8 December. The share price is unchanged at 0.18p.
