Bernard Matthews acquisition given all clear by CMA
Boparan Private Office’s acquisition of Bernard Matthews has been cleared by the Competition and Markets Authority (CMA).
In a statement, it said: “The Competition and Markets Authority has cleared the completed acquisition by enterprises conducted by Ranjit Boparan and Baljinder Boparan of the business formerly carried on by Bernard Matthews Limited.”
In October, the CMA announced it was investigating the deal when it claimed it had “reasonable grounds for suspecting that it is or may be the case that enterprises conducted by Ranjit Boparan and Baljinder Boparan and the business formerly carried on by Bernard Matthews Limited have ceased to be distinct”.
The turkey processor was acquired by Boparan in September in a pre-pack administration deal. At the time, a spokesman for Boparan Private Office said: “This acquisition will create a strong platform for future growth and ensures Bernard Matthews is well positioned to develop into a sustainable, growing business.
“We have a proven track record in turning around businesses and we aim to make Bernard Matthews great again. This deal is ultimately good news for UK consumers and our customers, who will benefit from a secure supply of British turkey from one of the most recognisable brands in the UK.”
Although the deal saved the jobs of 2,000 employees, it has come under fire for being “carefully crafted to extract maximum cash from the company” with a massive pension deficit recorded and over 900 creditors informed that there was no money to pay off the £23 million debts besides a £600,000 prescribed pot which is a requirement for pre-pack administration.
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- bernard matthews
- Boparan Private Office
- Competition and Markets Authority
- Ranjit Boparan
- Baljnder Boparan
- Bernard Matthews deal “carefully crafted” to extract maximum cash
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