Troubled Norfolk-based integrator Banham Poultry has been bought from administration by Chesterfield Poultry.
In early October it emerged that Banham was seeking a buyer and close to calling in receivers, with its local MP George Freeman mistakenly tweeting the firm was already in administration. It later emerged that two potential buyers were vying for the company, with Bernard Matthews confirming its interest in the business.
But late on Friday, 5 October, Allan Graham and Trevor Birch, both of Duff & Phelps were appointed joint administrators of both Banham Poultry, which handles processing and Banham Group, which rears poultry.
In announcing the sale, via a pre-pack administration deal, Mr Graham said all assets, permanent employees, a hatchery, farms and processing plants would transfer to Chesterfield Poultry.
He added: “The business has faced a perfect storm in recent months, with increasing margin pressures from supermarket chains as a result of price competition, combined with increases in feed prices.”
Chesterfield’s chief executive Nadeem Iqbal confirmed the business would continue to produce poultry in Norfolk and process it in Attleborough.
“We are delighted to welcome Banham into the Chesterfield family and look forward to continuing the legacy of the brand and quality poultry production.”