Under the terms of the “transformation” deal, Ranjit Boparan will acquire 29.9% of Crawshaw, with an option to buy a further 20.1% stake in the business later.
Crawshaw chief executive Noel Collett said: “This is a transformational partnership for the Crawshaw Group, with a significant opportunity to offer a greater range and better availability to our customers. This new relationship provides a catalyst to our accelerated growth, both in sales and profitability.”
‘Catalyst to accelerated growth’
The cash injection would be used to restart its new store opening plan, Crawshaw said. Boparan will become an advisor to the board after the investment.
Under the terms of the deal, Crawshaw will have immediate access to 2 Sisters’ surplus fresh poultry as part of the three-year deal, which will reduce food waste. Crawshaw expected to boost profit after it completed the agreement.
Boparan said: “This is a great opportunity that complements our corporate social responsibility policy and our aim to reduce levels of quality food that would otherwise go to waste.
“Our businesses have a significant number of opportunities to work through together in the coming weeks and months.”
‘Significant opportunities’
The retailer confirmed that former Poundland ceo Jim McCarthy would join Crawshaw as a non-executive director and chairman-elect.
McCarthy said: “I am delighted to be joining Crawshaw Group at such a transformational time for the business. There are clearly significant opportunities for further growth, and together with the 2 Sisters Food Group, we have the ideal partner to create value for both businesses.”
Crawshaw has 200 stores across the Midlands and North of England. Its food-to-go range includes whole cooked chickens and joints, currys and stews; pies and cooked meats; and filled baguettes.
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