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Cranswick, the Yorkshire-based food manufacturer, is to acquire the pork processing business of Bowes of Norfolk Limited for cash funded from existing bank facilities, subject to clearance from the UK Competition Authorities.The Norfolk-based family owned business has been involved for many years in arable farming, pig rearing and pig-meat processing. Certain members of the Bowles family will retain the arable farming business together with a portfolio of properties.
The pig rearing business will be sold to a management buy-out team and a pig supply agreement will be entered into on completion covering the supply of pigs by the MBO to the Cranswick-owned Bowes.
Cranswick Chairman, Martin Davey, said: “Bowes is a significant operator in pig-meat processing and the acquisition reinforces our position in that sector. The business will continue as a separate operation with its own management team reporting directly to Adam Couch, Cranswick main board director responsible for the Group’s fresh pork operations.
“We look forward to the 620 employees who work for the pork-processing operation of Bowes joining us and to working with the MBO team in respect of the supply of pigs”.
http://www.cranswickplc.co.uk/
