Acquisition of Bernard Matthews Cleared
January 16
09:34
2017
The Competition and Markets Authority has cleared the acquisition of Bernard Matthews, the UK’s leading turkey producer and the country’s largest poultry brand, by Ranjit Singh Boparan, founder and chief executive of 2 Sisters Food Group, Britain’s largest grocery market supplier. Bernard Matthews was bought out of administration in a pre-pack deal.
Bernard Matthews had been struggling for some time. The company reported losses of approximately £8.5 million in 2013/2014 and for the year ended 28 June 2015 pre-tax losses were £3.7 million as turnover declined from £306.8 million to £276.7 million. The pre-pack sale to Ranjit Singh Boparan is expected to safeguard all 2,000 jobs at Bernard Matthews.
