2 Sisters owner ‘cleared’ over Bernard Matthews deal
The 2 Sisters Food Group owner said the decision gave Bernard Matthews a chance to turn its fortunes around.
“The announcement today means we can now begin building a strong platform for growth at a business which needs support and investment,” a Boparan Private Office statement said.
‘A brighter future for the company’
“This clearance will give us the best possible opportunity for turning around a great British brand and securing a brighter future for the company.”
The CMA announced in October 2016 that it would be carrying out an investigation into whether the proposed acquisition affected competition in the markets it served.
The acquisition was cleared on January 12, the CMA confirmed in a statement.
“The CMA has cleared the completed acquisition by enterprises conducted by Ranjit Boparan and Baljinder Boparan of the business formerly carried on by Bernard Matthews Ltd. The full text of the decision will be available shortly.”
Launched an investigation
Elsewhere, trustees of Bernard Matthews’ pension scheme launched an investigation to determine whether the company’s retirement scheme was deprived of money.
The Pension Protection Fund is probing the scheme, after claims that 700 of its members would be affected by a funding deficit of up to £40M.
Bernard Matthews was bought under a pre-pack administration deal in September by Boparan Private Office. Under this arrangement, the buyer purchases the company’s assets, but not its liabilities (including pension deficit).
Meanwhile, don’t miss our photogallery showcasing Boparan’s food business acquisitions in 2016.
Boparan Private Office acquisition of Bernard Matthews – at a glance
- Acquisition cleared by Competition and Markets Authority
- Decision might give Bernard Matthews “a brighter future”
- Bernard Matthews pension scheme trustees launch funding deficit probe
