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
The deadline for offers is 2pm UK time on Thursday 1 July 2021. All interested parties will be required to agree to a Non Disclosure Agreement to receive further information. The opportunity to acquire a centrally-located precision welding and fabric...
LEASEHOLD
Offers a comprehensive range of over 7,000 product designs, standing apart from competitors for the breadth of its offering, its short lead times and its customer-focused services.
FREEHOLD
Operates nationwide and has provided its services internationally. Services 42 active clients with contracts in place. Scope to develop a training environment to recruit and train new engineers.
RELOCATABLE
|
18
|
|
Jun
|
Hull transport business bought out of administration | BUSINESS SALE
Transport operator Clugston Distribution Services has bought...
|
18
|
|
Jun
|
Kingswood Holdings make £4m acquisition and targets extensive pipeline of deals | BUSINESS SALE
UK-based wealth management firm Kingswood Holdings has struc...
|
17
|
|
Jun
|
Four Communications acquires creative agency in ninth BGF-backed takeover | BUSINESS SALE
Marketing services firm Four Communications Group has acquir...
Sign up to receive our acquisition alert emails to get your FREE guide
|
01
|
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
|
15
|
|
Oct
|
Gourmet Burger Kitchen acquired by Boparan in deal that sees 26 sites close | BUSINESS SALE
Gourmet Burger Kitchen has been acquired by Boparan Restaura...
|
07
|
|
Oct
|
2 Sisters Food Group sells part of Fox’s Biscuits to Ferrero | BUSINESS SALE
2 Sisters Food Group has announced that it has sold part of ...
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