Cranswick To Sell Petfood Operation

Just a couple of weeks after after saying that full-year figures would beat forecasts, Yorkshire-based food producer Cranswick announced it had agreed to buy competitor Bowes of Norfolk Ltd., from the Bowes family for GBP 17.2 million cash.

Today, it has recouped virtually all that money back in one fell swoop by announcing the sale of its petfood side in a management buy-out.

Cranswick Pet Products (CPP) and Tropical Marine Centre (TMC) will be sold for GBP 17 million to a consortium of the management teams of each, headed by TMC MD Derek Black, whilst it will retain a 5.5% share in the business, say Cranswick.