Cranswick Buy Bowes
A week after saying that full-year figures would beat forecasts, Yorkshire-based food producer Cranswick says it has bought Bowes of Norfolk Ltd., from the Bowes family for GBP 17.2 million cash.
The deal, which is expected to be complete within around 10 weeks - subject to regulatory approval, will give Cranswick an estimated 15-20% of the UK pork market. This will make Cranswick the country’s biggest British-owned producer of pig meat.
It is understood that, once the deal is completed, the pig-rearing arm of the Bowes business will be sold back to a management buy-out team.
Sainsbury's account for around a third of Cranswick's turnover, the purchase of Bowes potentially provides a useful foot in the door with Tesco, who account for more than half of Bowes' annual sales.
The deal, which is expected to be complete within around 10 weeks - subject to regulatory approval, will give Cranswick an estimated 15-20% of the UK pork market. This will make Cranswick the country’s biggest British-owned producer of pig meat.
It is understood that, once the deal is completed, the pig-rearing arm of the Bowes business will be sold back to a management buy-out team.
Sainsbury's account for around a third of Cranswick's turnover, the purchase of Bowes potentially provides a useful foot in the door with Tesco, who account for more than half of Bowes' annual sales.