The manufacturer said the disposal was a major step in transforming the business, allowing it to focus on strengthening its core operations.
The Manton Wood site produces a range of chilled sandwiches, wraps and rolls for retailers and is understood to supply a large proportion of Tesco’s own-label range.
The sale could see Samworth become the supermarket’s sole supplier of sandwiches.
Ranjit Singh Boparan, president of Boparan Holdings, said: “This transaction is a significant deal and marks another positive step forward in the transformation of our business.
£350m from disposals
“It further strengthens our balance sheet, with a combined total of more than £350m in cash proceeds from the three disposals we have made in the past six months.”
Boparan said the sale was at the right time for the business and fit with 2 Sisters’ long-term strategy.
Samworth Brothers group chief executive Flor Healy said: “Samworth Brothers already has considerable experience and presence in the growing Food-to-Go sector through our own label operations and our brands. This acquisition provides a great extension to these strong Food-to-Go capabilities and gives us another outstanding platform to develop our offer in this area.”
2 Sisters chief executive Ronald Kers added: “Our transformation is progressing well as we continue to give greater focus on our core, strengthen our management team and improve our operational performance.”
Recent raft of sales
The recent raft of sales as part of the poultry processor’s transformation plan has led to many parts of the business being seen as expendable, with rumours surrounding the futures of Holland’s Pies, Donegal Catch and Fox’s Biscuits. However, it is believed that 2 Sisters will keep its core poultry and ready meal operations.
Meanwhile, earlier this month, a number of senior hires by the business were part of the transformation programme, following a “root and branch” review of teams executed by Kers.
Commenting on the appointments, he said: “Transforming 2 Sisters requires a top team effort. By bringing in the right people in the right roles, we are building the foundations of a disciplined, high-performance organisation.”
