FDBusiness.com

Bernard Matthews Farms, Britain’s largest turkey producer, has won the private company category in the Institute for Turnaround Europe’s Top Turnaround Awards 2010.

The food group is half way through a four year development programme implemented following an outbreak of avian flu at its Suffolk farm and factory complex in February 2007, which resulted in the slaughter of 160,000 turkeys. The incident cost the company millions of pounds due to the consequent sharp drop in sales and damage to the Bernard Matthews brand. UK sales fell by 35% in 2007 and the group incurred a loss of £77m.

The turnaround and recovery strategy has entailed refinancing debt, streamlining the business to reduce costs and repositioning the brand around a fresh British turkey offering. Sales have now stabilised and Bernard Matthews is making good progress towards returning to profitable and sustainable growth. It reported a loss before tax of £4m for its 2009 financial year on group turnover of £330m.

The company will supply 3.5m birds and turkey products for Christmas market this year, including 2.5m whole turkeys and crowns.

The Institute for Turnaround is the leading professional body in Britain and Europe for operational, funding and advisory practitioners in business. IFT has groups in other parts of the world, including Asia.

Now in their ninth year, the Institute for Turnaround Europe’s Top Turnaround Awards are widely regarded as the restructuring profession’s Oscars. The awards are rigorously adjudicated by an independent panel including the London Business School, CBI and accredited turnaround professionals. The awards cover a wide spectrum of organisations encompassing private companies and the public and third sectors.