Fay Jones has reacted with shock at the findings of a report into the purchase of Gilestone Farm in Talybont-on-Usk.

The Welsh Government purchased the 240-acre farm at last March for £4.25m, before a full business plan has been provided by Green Man Festival.

Adrian Compton, who carried out the investigation, raised several concerns about the purchase. He said using up unspent money by the end of the financial year was the “most significant” factor in the pace of the Welsh Government’s decision making process.

The 50-page report also found that the Government did not keep a record of meetings where the outline of a business plan was discussed.

The revelations also follow the admission from Ministers had attended a dinner party hosted by the chief executive of Green Man’s lobbying company.

Brecon and Radnorshire MP Fay Jones said: “Nothing about this deal smells right. What irritates me most is that the concerns of local residents have been dismissed in this whole initiative. If the farm had been purchased for a fair market value, ahead of an open competition process, I would have welcomed the chance for local businesses or local young farmers to get their feet on the ladder.

“There is no doubt that Green Man is a fantastic brand which brings a lot to Crickhowell. I very much hope it will work with the local community to make sure their views are being heard.”

The Welsh Government said that it welcomed the review.

A spokesperson said: “It is clear from the review that the acquisition of Gilestone Farm followed the appropriate processes, was value for money and is clearly aligned to our economic ambitions.”

They added that “no final decision” on the future of Gilestone Farm will be made until the due diligence process is complete.