Wed, 21 Sep 2016 | ADMINISTRATION
Household name turkey producer Bernard Matthews has been acquired out of administration in a pre-pack deal by 2 Sisters Food Group.
The business and assets have been sold to Ranjit Boparan, founder and chief executive of 2 Sisters Food Group. This deal has meant that all 2,000 jobs under threat will be safeguarded and no redundancies have been announced.
2 Sisters Food Group is the country’s largest chicken processing company and owns other large brands such as Goodfella’s frozen pizza brands and Fox’s biscuits.
Bernard Matthews was created 65 years ago and has its headquarters in Great Witchingham with additional offices in Norfolk, Suffolk, Lincolnshire and Hungary.
However, with the effects of bird flu as well as the famous Jamie Oliver school campaign against Bernard Matthews product, Turkey Twizzlers, the company became loss-making, and has struggled over the past eight years. Rutland Partners began supporting Bernard Matthews back in 2013 and earlier this year, they appointed advisers at PwC with a view to finding potential buyers.
Bernard Matthews had reported losses of approximately £8.5 million in 2013/2014 and for the year to 28 June 2015, £3.7 million pre-tax loss was reported. Turnover fell from £306.8 million to £276.7 million.
On the 20 September, Daniel Butters, Richard Hawes and Paul Meadows from business firm Deloitte were appointed as administrators of Bernard Matthews along with certain subsidiaries.
In a statement, Mr Butters said: “This famous 65-year old brand had been operating in a challenging market for some time, and today's announcement is a positive outcome for the business and the brand. We are pleased that all the jobs have been preserved, and the company can make a fresh start with new owners.”
Find businesses in administration
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
22
|
Nov
|
Construction firm Lyjon calls in administrators | ADMINISTRATION
Cheshire-based contractor Lyjon Group has appointed administ...
22
|
Nov
|
Historic Yorkshire yarn maker weaves towards employee ownership | BUSINESS SALE
A West Yorkshire yarn manufacturer that dates back to before...
22
|
Nov
|
Redsquid going national after new funding and acquisition | BUSINESS SALE
IT managed service provider (MSP) Redsquid is going national...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.