20 September, 2016
Private equity firm Rutland Partners confirms the sale of Bernard Matthews, known for its “bootiful” turkeys, to Ranjit Boparan, the founder and owner of the 2 Sisters Food Group.
"As can be seen from the Company Watch Health Profile, the company has been weak for years reflecting continued losses and its balance sheet reveals eroded net worth and a reliance on high debt levels and a growing pension liability." Denis Baker, CEO, Company Watch
Rutland acquired Bernard Matthews in 2013 and launched a turnaround programme the following year but despite efforts the company failed to emerge from the Company Watch Warning Area.
The agreed pre-pack administration deal would see Mr Boparan acquire the assets and the 2,000 strong workforce of Bernard Matthews but without the liabilities, meaning the pension fund will pass to the government-backed Pension Protection Fund.
For more information contact Company Watch at: [email protected]